September 18, 2015
Contact: Matt Anderson, 212-709-1691
NYDFS TAKES POSSESSION OF MONTAUK CREDIT UNION, APPOINTS NCUA AS CONSERVATOR
The New York State Department of Financial Services (NYDFS) today took possession of Montauk Credit Union, located in New York City, and appointed the National Credit Union Administration (NCUA) as conservator.
Deposits at Montauk Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts at Montauk Credit Union 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.
NYDFS placed Montauk Credit Union into conservatorship because of unsafe and unsound conditions at the credit union. While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations. Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments and use shares.
Montauk Credit Union is a federally insured, state-chartered credit union with 2,893 members and assets of $178.5 million, according to the credit union’s most recent Call Report.
To view a frequently asked questions (FAQ) document for Montauk Credit Union members from the NCUA with additional information on the conservatorship please visit, link.