The National Credit Union Administration (NCUA) assumed control of service and operations at People for People Community Development Credit Union (CDCU) in Philadelphia.
People for People CDCU served 1,561 members and had $1.1 million in assets.
The low-income designated credit union was significantly undercapitalized as of September with a net worth ratio of 3.63%. The credit union reported a loss of almost $30,000 for the first 3 quarters of 2011.
As of September 2011, 16.64% of its loans were 60 days or more past due.
Read the press release.
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