Is my money safe and secure?
- Yes, member accounts at Municipal Credit Union remain safe and fully insured up to the maximums established in federal law.
- Administered by the National Credit Union Administration, the National Credit Union Share Insurance Fund insures member accounts owned by an individual for up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also 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 online Share Insurance Estimator (opens new window) allows individuals to estimate their share insurance coverage. Once an individual provides the required data, the Share Insurance Estimator produces a report with detailed explanations of insurance coverage.
- Members with additional questions about their insurance coverage may contact the National Credit Union Administration’s Consumer Assistance Center toll free at 800.755.1030. The center answers calls Monday through Friday between 8 a.m. and 5 p.m. Eastern.
- You can visit the Share Insurance Coverage (opens new window) page of the NCUA’s MyCreditUnion.gov (opens new window) consumer website at any time for more information about insurance coverage.
What is the current status of Municipal Credit Union?
- The New York State Department of Financial Services took possession of Municipal Credit Union on May 17, 2019, and appointed NCUA conservator. In a conservatorship, the NCUA’s priority is to protect the assets of the members of Municipal Credit Union while working to maintain safe- and-sound credit union operations.
What is a conservatorship?
- A conservatorship means NCUA has assumed control of Municipal Credit Union to ensure its financial stability and safe-and-sound operation while maintaining member services.
What is the National Credit Union Administration?
- The NCUA is an independent agency of the federal government that, among other things, operates and manages the Share Insurance Fund, which insures accounts at all federally insured credit unions, including Municipal Credit Union.
Can I still conduct business at Municipal Credit Union?
Yes, Municipal Credit Union will remain open during the conservatorship. Members may contact Municipal Credit Union’s member call center at 212.238.3300 between 8:30 a.m. and 8 p.m. Monday through Friday.
See the Municipal Credit Union’s webpage (opens new window) for branch information.
The credit union has three additional branches not included online:
East Side, 435 East 70th Street, New York, open Monday, Wednesday, and Friday from 8 a.m. to 4 p.m. and Thursday from 8 a.m. to 5 p.m. This branch is closed on Tuesday.
Brooklyn Post Office, 1050 Forbell Street, Brooklyn, New York, open Monday from 8 a.m. to 6 p.m., Tuesday and Wednesday from 9 a.m. to 4 p.m., Thursday from 9 a.m. to 6 p.m., and Friday from 8 a.m. to 4 p.m.
New York State Psychiatric Hospital, 1051 Riverside Drive, New York, open Monday, Wednesday, and Friday from 9 a.m. to 3 p.m. This branch is closed Tuesday and Thursday.
What are NCUA’s plans for operations at Municipal Credit Union?
- Through a conservatorship, the NCUA seeks to resolve operating issues at the credit union with the goal of protecting member assets and seeking a resolution to identified problems. The NCUA has made no decisions about the long-term future of the credit union; however, continued service to members is a priority.
How long with this conservatorship last?
- In working to resolve issues affecting Municipal Credit Union, the top priority is to protect the interests of the credit union’s members, and NCUA has no set timeframe for completing this process.
How many members are affected by the conservatorship?
- Municipal Credit Union serves 588,059 members, according to its most recent Call Report.
How big is Municipal Credit Union?
- The credit union has assets of $3,033,849,847, according to its most recent Call Report.
What is the field of membership of Municipal Credit Union?
- Municipal Credit Union serves persons working for the city of New York, in addition other groups and associations added over the years. See the credit union’s Who Can Join webpage (opens new window) for complete membership eligibility information.