Texans Credit Union Placed into Conservatorship by Regulators
by STAFF WRITER Published April 15, 2011 Credit Unions Online
NCUA has placed Texans Credit Union of Richardson, Texas, into conservatorship on Friday, April 15 2011. Texans Credit Union remains open and operating. While continuing normal member services, NCUA will work to resolve issues affecting the Texans Credit Union’s safety and soundness.
Deposits at Texans Credit Union also remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at Texans 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.
A full service credit union, Texans Credit Union currently has 133,000 members and assets of $1.6 billion. The credit union provides financial services to people residing in the Texas counties of Collin, Dallas, Rockwall, Travis, and Williamson, as well as parts of Denton County
NCUA said that 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.