Inter-American Federal Credit Union closes
Member Deposits Remain Protected to at Least $250,000 by the Share Insurance Fund
ALEXANDRIA, VA (March 9, 2023) — The National Credit Union Administration today liquidated Inter-American Federal Credit Union of Brooklyn, New York. The NCUA made the decision to liquidate Inter-American Federal Credit Union and discontinue its operations after determining the credit union was not operating in a safe and sound manner.
Member deposits are federally insured by the National Credit Union Share Insurance Fund to at least $250,000. NCUA’s Asset Management and Assistance Center will issue correspondence to individuals holding verified credit union share accounts within one week. Members may direct questions and other inquiries concerning their accounts to NCUA’s Asset Management and Assistance Center:
Inter-American Federal Credit Union
c/o National Credit Union Administration
4807 Spicewood Springs Road, Suite 5100
Austin, Texas 78759
1.877.715.0777 or 512.231.7940
amacmail@ncua.gov
Members with additional questions about their insurance coverage may contact NCUA’s Consumer Assistance Center toll free at 1.800.755.1030. The Center answers calls Monday – Friday between 8 a.m. and 5 p.m. Eastern. Individuals may also visit the MyCreditUnion.gov(opens new window) website at any time for more information about their insurance coverage.
Inter-American served 460 members and had assets of $727,157, according to the credit union’s most recent Call Report. Chartered in 1964, Inter-American Federal Credit Union primarily served communicant members of Hanson Place Seventh Day Adventist Church in Brooklyn, New York.
Inter-American Federal Credit Union is the first federally insured credit union to fail in 2023.
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.
