The National Credit Union Administration liquidated Borinquen Federal Credit Union of Philadelphia. NCUA made the decision to liquidate Borinquen Federal Credit Union and discontinue its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
The credit union was placed into conservatorship on June 24 of this year.
Borinquen FCU is the eleventh credit union to be closed this year.
Read the press release.
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