Tiny Low Income NJ Credit Union Placed into Conservatorship

The National Credit Union Administration (NCUA) placed Helping Other People Excel Federal Credit Union of Jackson, New Jersey, into conservatorship.

Helping Other People Excel FCU is a federally insured credit union with 96 members and assets of $290,927, according to the credit union’s most recent Call Report.

Various news organizations reported that the credit union was taken over in 2014 by a group running an illegal Bitcoin exchange.

Pinnacle Federal Credit Union of Edison, New Jersey will operate Helping Other People Excel during the conservatorship under a management agreement with NCUA.

Read the press release.