Conservatorships and Liquidations

Conservatorships: From time to time, the National Credit Union Administration places a credit union into conservatorship in order to resolve operational problems that could affect that credit union’s safety and soundness. Conservatorship means the NCUA has taken control of the credit union. During a conservatorship, the credit union remains open; members may transact business; and accounts remain insured by the National Credit Union Share Insurance Fund. For federally chartered credit unions, the NCUA takes this action on its own; in the case of a state-chartered credit union, the state supervisory authority initiates the conservatorship and in many cases appoints the NCUA as agent for the conservator.

Conservatorships can have three outcomes:

  • The credit union can resolve its operational problems and be returned to member ownership;
  • The credit union can merge with another credit union; or
  • The NCUA can liquidate the credit union.

Liquidations: Liquidation means a credit union has been closed; however, a liquidated credit union may be purchased — and members, assets, and loans assumed — by another credit union, so that members will be able to continue receiving financial services. If a credit union is placed into liquidation, the NCUA’s Asset Management and Assistance Center (AMAC) will oversee the liquidation and set up an asset management estate (AME) to manage assets, settle members’ insurance claims, and attempt to recover value from the closed credit union’s assets. [1]  If the member shares are not assumed by another credit union, all verified member shares are typically paid within five days of a credit union’s closure.

No member of a federally insured credit union has ever lost a penny in insured accounts.

[1] An AME holds the assets of a failed institution. Commonly administered by AMAC, to which the NCUA Board has delegated statutory authorities providing broad supervisory and management powers over the credit union's assets and operations. These powers include the ability to facilitate funding and disposition of assets. Also known as a liquidation estate.

Showing 1 - 10 of 238 Results
Year Date Type Credit Union Name City State Status
2020 06/11/2020 Conservatorship Southern Pine Credit Union Valdosta Georgia Active
2020 05/29/2020 Involuntary Liquidation IBEW Local Union 712 Federal Credit Union Beaver Pennsylvania Active
2019 05/17/2019 Conservatorship Municipal Credit Union New York New York Active
2019 04/23/2019 Conservatorship Mid East Tennessee Community Credit Union Decatur Tennessee Merged
2019 03/29/2019 Involuntary Liquidation CBS Employees Federal Credit Union Studio City California Closed
2018 10/12/2018 Involuntary Liquidation Radio, Television and Communication Federal Credit Union Staten Island New York Closed
2018 10/01/2018 Merger With NCUA Assistance Bay Ridge Federal Credit Union Brooklyn New York Merged
2018 09/30/2018 Involuntary Liquidation LOMTO Federal Credit Union Woodside New York Closed
2018 08/31/2018 Involuntary Liquidation Melrose Credit Union Briarwood New York Closed
2018 07/31/2018 Involuntary Liquidation Greater Christ Baptist Church Credit Union Detroit Michigan Closed