NCUA Closes Insolvent Korean-American
Chamber of Commerce Federal Credit Union
October 24, 2005, Alexandria, Va. -- The National Credit Union Administration (NCUA) announced today that the agency placed Korean-American Chamber of Commerce Federal Credit Union of Bronx, New York into liquidation Friday, October 21, 2005.
NCUA’s Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the Korean-American Chamber of Commerce Federal Credit Union. Through the NCUA National Credit Union Share Insurance Fund, credit union member deposits are insured up to $100,000 per account.
NCUA made the decision to liquidate Korean-American Chamber of Commerce Federal Credit Union and discontinue its independent operation after determining the credit union is insolvent and after management abandoned credit union operations. It has no prospects for restoring viable operations. At the time of liquidation, the credit union had assets of approximately $30,000.
NCUA chartered Korean-American Chamber of Commerce Federal Credit Union in 1979 to serve members and employees of the Korean-American Chamber of Commerce in Bronx, New York.
The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 83 million account holders in all federal credit unions and the majority of state-charted credit unions.
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