United Catholic Credit Union (UCCU) in Temperance (MI) was closed on August 9 by the Michigan Office of Financial and Insurance Regulation (OFIR), which then appointed the National Credit Union Association (NCUA) as receiver.
NCUA’s Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the credit union within one week.
An OFIR examination found that UCCU was operating in an unsafe and unsound manner and the credit union was insolvent. Unfortunately, the credit union's financial report is of little value determining the health of the credit union, as it never reported a delinquent loan over the last 5 quarters.
The credit union reported holding assets of $303,261 and served 208 members.
OFIR examiners found instances of alleged criminal activity and are working closely with investigators at the Michigan Attorney General’s office.
United Catholic CU is the eighth federally insured credit union liquidation in 2012.
Read the press release.
And I thought all this time PTL stood for PRAISE THE LORD. Now we realize it stands for PASS THE LOOT. First it was the Catholic Priest and little boys. Now it's the Catholic Credit Union raping the membership. Looks like the NCUA is getting screwed without the kiss.
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