U.S. takes over 2 credit unions
Source: CNN Money
The U.S. has taken over two credit unions, with combined assets of $57 billion, Friday in an effort to stabilize the corporate credit union system. U.S. Central Federal Credit Union, based in Lenexa, Kan., and Western Corporate (WesCorp) Federal Credit Union, based out of San Dimas, Calif., were placed under conservatorship "to stabilize the corporate credit union system and resolve balance sheet issues," according to a statement posted on the National Credit Union Administration's Web site.
Members of the two credit unions will not experience any disruption in service, according to the release and are free to make deposits and access funds. U.S. Central credit union has around $34 billion in assets, with 26 retail corporate credit union members. WesCorp has $23 billion in assets and approximately 1,100 retail credit union members.
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