Member Deposits Remain Protected to $250,000; Member Services Uninterrupted
ALEXANDRIA, Va. (Feb. 23, 2018) – The Director of the Michigan Department of Insurance and Financial Services today placed Ukrainian Future Credit Union, of Warren, Michigan, into conservatorship and appointed the National Credit Union Administration as conservator.
Ukrainian Future Credit Union’s members should experience no interruption in services, and their accounts remain protected by the National Credit Union Share Insurance Fund. Administered by the 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 with questions can call the credit union’s main office during regular business hours at 586.757.1980. Members with questions specifically about their Share Insurance coverage can find information on the Share Insurance Coverage page of the NCUA’s consumer website, MyCreditUnion.gov.
The Michigan Department of Insurance and Financial Services placed Ukrainian Future Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, the NCUA will work to resolve issues affecting the credit union’s operations. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments, and use shares.
Ukrainian Future Credit Union is a federally insured, state-chartered credit union with 5,692 members and assets of $84.6 million, according to the credit union’s most recent Call Report. Chartered in 1961, Ukrainian Future Credit Union serves the members of the Future Ukrainian-American Aid Association of Detroit, Michigan.
Members who have questions about the conservatorship may review the Ukrainian Future Credit Union Frequently Asked Questions document attached to this release and available online here.
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.