Friday, December 13, 2013

Bagumbayan Credit Union Placed into Conservatorship

The National Credit Union Administration, in cooperation with the Illinois Department of Financial and Professional Regulation, assumed control of service and operations at Bagumbayan Credit Union in Chicago.

Normal member services will continue uninterrupted through a management agreement between NCUA and Great Lakes Credit Union of North Chicago.

Earlier this year, NCUA placed the credit union under a cease and desist order.

Chartered in 1964, Bagumbayan Credit Union is a federally insured, state-chartered credit union with 44 members and $55,140 in assets, according to the credit union’s most recent Call Report. The credit union provides limited financial services to members of the Bagumbayan community.

Read the press release.
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