Borinquen Federal Credit Union Liquidated by Regulators
by STAFF WRITER Published July 8, 2011 Credit Unions Online
NCUA liquidated Borinquen Federal Credit Union of Philadelphia, Pennsylvania on July 8, 2011. Borinquen Federal Credit Union was chartered in 1974 providing services to the low-income community in Philadelphia.
NCUA says they liquidated Borinquen Federal Credit Union after determining the credit union had no prospect for restoring viable operations.
Member deposits are federally insured by the National Credit Union Share Insurance Fund up to $250,000. NCUA’s Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the credit union within one week.
NCUA said that "Members with additional questions about their insurance coverage may contact the National Credit Union Administration’s Consumer Assistance Center toll free at 800-755-1030. The center answers calls Monday - Friday between 8 a.m. and 6 p.m. Eastern Daylight Time. Individuals may also visit the MyCreditUnion.gov website at any time for more information about their insurance coverage."