The Director of the Michigan Department of Insurance and Financial Services appointed the National Credit Union Administration conservator of Valley State Credit Union, of Saginaw, Michigan.
The Michigan Department of Insurance and Financial Services placed Valley State Credit Union into conservatorship on August 17, 2016 because of unsafe and unsound practices at the credit union.
The credit union reported that 15.76 percent of its loans were 60 days past due. In addition, the credit union had a loss of almost $458 thousand through the first 3 quarters of 2016.
Valley State Credit Union is a federally insured, state-chartered credit union with 2,925 members and assets of $22.3 million, according to the credit union’s most recent Call Report.
Read NCUA press release.
Dr. Leggett: Did you notice the part in the NCUA press release about members owning joint accounts being insured up to the $250K limit? Are you aware that NCUA's current position is that non-member joint owners with beneficiaries are not covered by the NCUSIF? NCUA made this change without making it publically known. So much for NCUA coverage being similar to that offered by the FDIC.
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