Tuesday, July 2, 2013

Lynrocten Federal Credit Union Update

The New & Advance is reporting that almost two months after NCUA seized Lynrocten FCU of Lynchburg, Virginia, 179 accounts with a collective balance of about $7 million are awaiting resolution and repayment as investigators look into loans members say they did not take out.

A NCUA spokesperson stated that another 1,500 accounts have been paid in full.

At the time of its closure, Lynrocten had 1,068 members and $13.8 million in assets.

Read the story.
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