NCUA took over control of service and operations at BCT Federal Credit Union of Binghamton, N.Y. NCUA says that while continuing normal member services, the regulator will work to resolve issues affecting the institution's safety and soundness.
Deposits at BCT Federal Credit Union remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at BCT Federal Credit Union up to $250,000. The NCUSIF, like the FDIC’s Deposit Insurance Fund, has the backing of the full faith and credit of the U.S. Government.
BCT Federal Credit Union is a full service financial institution that has been working for the Southern Tier's Educational Community for 67 years. Service to BCT Federal Credit Union's 3,911 members will continue uninterrupted. Members can continue to conduct normal financial transactions -- deposit and access funds, make loan payments, and use shares.
NCUA says "the decision to conserve a credit union enables the institution to continue regular operations with expert management in place, correcting previous service and operational weaknesses. During conservatorship, members may therefore continue to conduct business at the credit union."