August 31, 2018

Statement by Financial Services Superintendent Maria T. Vullo Regarding the NCUA’s Liquidation of Melrose Credit Union

“The New York State Department of Financial Services (DFS) took decisive action in taking possession of Melrose Credit Union in 2017 and appointing the National Credit Union Administration (NCUA) as conservator to protect members due to unsafe and unsound conditions.  Since that time, DFS has continued to work with the NCUA to ensure that member services, including unfettered access to accounts, continued without interruption, and that customer deposits at Melrose Credit Union remained protected as the credit union continued normal member services. DFS is pleased that through this transaction members will continue to be protected and served.”