One CU Conserved on Jan. 6

First U.S. Banking Institution to Fail in 2012
One CU Conserved on Jan. 6
One credit union was conserved by U.S. federal banking regulators on Friday, Jan. 6, becoming the first failed banking institution for 2012.

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The latest failure:

People for People Community Development Credit Union

The National Credit Union Administration assumed control of service and operations at People for People Community Development Credit Union, a state-chartered, federally insured credit union, in Philadelphia. While continuing normal member services, NCUA will work to resolve issues affecting the institution's safety and soundness.

Deposits at People for People CDCU remain federally protected. Administered by NCUA, the National Credit Union Share Insurance Fund continues to insure individual accounts at People for People CDCU up to $250,000. The NCUSIF, like the FDIC's Deposit Insurance Fund, has the backing of the full faith and credit of the U.S. Government.

Service to People for People CDCU's 1,561 members will continue uninterrupted. Members can continue to conduct normal financial transactions -deposit and access funds, make loan payments, and use shares. People for People CDCU serves an underserved 14.3 square mile area of north Philadelphia. The credit union reported assets of $1.1 million as of Sept. 30, 2011.


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