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For Details, Contact:
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National Credit Union
Administration 1775 Duke Street Alexandria, VA 22314-3428 Phone: (703) 518-6330 Web Address: http://www.ncua.gov/ |
FOR IMMEDIATE RELEASE |
Service Uninterrupted as Massachusetts Credit Union is Placed into Conservatorship by National Credit Union AdministrationMember Accounts are Safe and Insured up to $100,000 at D. Edward Wells Federal Credit Union February 21, 2003, Alexandria, Va. – The National Credit Union Administration (NCUA) today assumed control of service and operations at D. Edward Wells Federal Credit Union in Springfield, Mass. The credit union is in operation and service continues uninterrupted for its 2600 members. Members can continue to conduct normal financial transactions – deposit and access funds, make loan payments and use share drafts (checking). The decision to conserve a credit union is made with the goal of continuing service to members at a safe and sound institution. Member funds are safe. Member accounts are insured up to $100,000 by the National Credit Union Share Insurance Fund (NCUSIF), a federal fund managed by NCUA and backed by the full faith and credit of the U.S. government. The Federal Credit Union Act authorizes the NCUA Board to appoint itself conservator when necessary to conserve the assets of a federally insured credit union, protect the interests of members or protect the NCUSIF. The D. Edward Wells Federal Credit Union was placed into conservatorship for failing to provide full access to its books and records and serious operational deficiencies, including unreconciled financial records and failure to comply with the Federal Credit Union Act and NCUA Rules and Regulations. The National Credit Union Administration, governed by a three-member board appointed by the President and confirmed by the Senate, is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 80 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
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