Member Deposits Insured up to $250,000, Member Services Uninterrupted
ALEXANDRIA, Va. (Sept. 18, 2015) – The National Credit Union Administration today placed Bethex Federal Credit Union in Bronx, New York, into conservatorship.
Normal member services at the credit union’s office at 20 East 179th Street in Bronx will continue uninterrupted. NCUA placed Bethex into conservatorship to enable the credit union to continue regular operations with experienced management in place and correct previous operational weaknesses. While continuing normal member services, NCUA will work to resolve issues affecting Bethex Federal Credit Union’s safety and soundness.
Member deposits at Bethex Federal Credit Union remain federally insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
Members who have questions about the conservatorship may review the Bethex Federal Credit Union Frequently Asked Questions document attached to this release and available online.
Chartered in 1970, Bethex Federal Credit Union serves multiple occupational and associational groups and communities primarily located in Bronx. Bethex Federal Credit union has 5,584 members and $12,951,096 in assets, according to the credit union’s most recent Call Report.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share
Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.