Closed Board Meeting - January 6, 2012 | National Credit Union Administration

January 2012

Closed Board Meeting - January 6, 2012

Board Action Bulletin

The NCUA Board unanimously approved placing People for People Community Development Credit Union (CDCU), a state-chartered, federally insured credit union, in Philadelphia, PA into conservatorship under Section 206(h)(1) of the Federal Credit Union Act.

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The 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 (opens new window), the NCUA also educates the public on consumer protection and financial literacy issues.

"Protecting credit unions and the consumers who own them through effective regulation."