Control of Municipal Credit Union Returned to Members

NEW YORK AND WASHINGTON – Municipal Credit Union, located in New York City, is once again under the control of its members after release from conservatorship, the National Credit Union Administration (NCUA) and the New York State Department of Financial Services (DFS) announced today.

“Municipal’s leadership and staff diligently worked to fix identified problems, guide Municipal through this conservatorship, and restore the credit union’s health, so that we can now return governance of the credit union to its members,” NCUA Chairman Todd M. Harper said. “Their efforts, along with the hard work of NCUA employees and the New York State DFS, have led to a credit union that is now on a sound footing and ready to provide essential financial services to its members.”

“Municipal Credit Union’s emergence from conservatorship is a significant victory for the hundreds of thousands of New Yorkers who rely on the institution for their financial needs,” said DFS Superintendent Adrienne A. Harris. “This successful collaboration of state and federal regulators puts the credit union back under New York State supervision, and we look forward to its continued operation in a safe and sound manner.”

DFS took possession of Municipal Credit Union in May 2019 and appointed the NCUA as conservator to ensure the credit union’s financial stability and safe-and-sound operation. Member services continued uninterrupted.

According to its most recent Call Report, Municipal Credit Union is a federally insured, state-chartered credit union with 586,597 members and assets of more than $4 billion. Municipal Credit Union serves persons working for the city of New York, along with other approved groups and associations.