Thursday, August 31, 2017

Regulator Suspends Operations of Tiny Chicago CU for 60 Days

The Illinois Division of Financial Institutions suspended the operations of St. Elizabeth's Credit Union (Chicago, IL) for 60 days in an order issued on August 9.

The Division of Financial Institutions found that the credit union was in danger of insolvency.

The order noted there were serious financial and management deficiencies at the credit union and that the true financial condition of the credit union could not be ascertained.

The credit union has 196 members and less than $125,000 in assets.

Northstar Credit Union was appointed as Manager-Trustee.

Read the order.

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