February 10, 2017
DFS TAKES POSSESSION OF MELROSE CREDIT UNION, APPOINTS NCUA AS CONSERVATOR
The New York State Department of Financial Services (DFS) today took possession of Melrose Credit Union, located in Briarwood, NY, and appointed the National Credit Union Administration (NCUA) as conservator.
“DFS is taking this action to ensure that member services, including unfettered access to accounts, continue without interruption,” said Financial Services Superintendent Maria T. Vullo. “DFS will be monitoring the situation and will work alongside the NCUA to protect Melrose customers.”
Deposits at Melrose Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts at Melrose 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.
DFS placed Melrose 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.
To view a frequently asked questions (FAQ) document for Melrose Credit Union members from the NCUA with additional information on the conservatorship please visit here.