NCUA Places Indiana Credit Union Into Conservatorship

The NCUA has announced it will assume assume management of Richmond City Employees FCU and work to resolve the credit union's issues. Learn why.

David Baumann

Published

Dec 13

2022

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David Baumann

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David Baumann

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What is Field of Membership

Table of contents

Agency will assume management responsibilities for Richmond City Employees FCU as it works to resolve issues at the credit union.

The NCUA has placed Richmond City Employees Federal Credit Union in Richmond, Indiana, into conservatorship, agency officials announced Monday.

They said the conservatorship was needed due to unsafe and unsound practices at the credit union, adding that they will attempt to resolve those issues while continuing normal member services.

Accounts will also continue to be protected by the NCUA’s Share Insurance Fund.

About the Credit Union

Richmond City Employees Federal Credit Union is a federally insured, federally chartered credit union with 836 members and assets of $8,039,424 according to the credit union’s most recent call report.

The credit union serves employees of the city of Richmond, Indiana; employees of the city’s housing authority; employees of the Morrisson-Reeves Library who work in Richmond; and employees of the General Telephone Company’s southeastern division who work or are supervised from Richmond.

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