Share Insurance Fund Protects Member Deposits to $250,000
ALEXANDRIA, Va. (July 31, 2018) – The Michigan Department of Insurance and Financial Services today liquidated the Greater Christ Baptist Church Credit Union of Detroit and appointed the National Credit Union Administration as liquidating agent.
Member deposits are 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.
The NCUA’s Asset Management and Assistance Center will issue correspondence in the near future to individuals holding verified share accounts in the credit union. Members with additional questions about their insurance coverage may contact the Center toll-free at 877-715-0777 Monday through Friday between 9 a.m. and 6 p.m., Eastern. Individuals may also visit the Share Insurance Coverage section of the agency’s MyCreditUnion.gov website at any time for more information about insurance coverage.
The Michigan Department of Insurance and Financial Services made the decision to liquidate the Greater Christ Baptist Church Credit Union and discontinue its operations after determining the credit union was in an unsafe and unsound condition.
Originally chartered in 1957, Greater Christ Baptist Church Credit Union was a federally insured, state-chartered credit union that served 396 members and had assets of $608,330, according to the credit union’s most recent Call Report. Greater Christ Baptist Church Credit Union served members of Greater Christ Baptist Church in Detroit, employees of the credit union, and related parties.
Greater Christ Baptist Church is the fourth federally insured credit union liquidation in 2018.
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.