Union Pacific Streamliner Federal Credit Union
Placed Into Conservatorship
Alexandria, VA, February 16, 2006 - The National Credit Union Administration (NCUA) has assumed control of the operations at Union Pacific Streamliner Federal Credit Union of Omaha, Neb., with the goal of continuing credit union service to its members and ensuring a safe, sound credit union operation.
Service will continue uninterrupted at Union Pacific Streamliner Federal Credit Union. Credit union members are free to make deposits, access funds, make loan payments and use share drafts. The decision to conserve a credit union enables the institution to continue normal operations with expert management in place.
Member deposits are safe. Their accounts are insured up to $100,000 by the National Credit Union Share Insurance Fund (NCUSIF), a federal fund managed by NCUA and backed by the full faith and credit of the U.S. Government.
Chartered in 1937, the credit union primarily serves the headquarters employees and family members of Union Pacific Railroad in Omaha, Nebraska. It has assets of $38.7 million and approximately 7,500 members.
The Federal Credit Union Act authorizes the NCUA Board to appoint itself conservator when necessary to conserve the assets of a federally insured credit union and protect members’ interests.
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The National Credit Union Administration (NCUA) is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operations the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of 85 million account holders in all federal credit unions and most state-chartered credit unions.
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