NCUA Places PEF Federal Credit Union into Conservatorship
Member Deposits Insured up to $250,000, Member Services Uninterrupted
ALEXANDRIA, Va. (June 21, 2013) – The National Credit Union Administration (NCUA) today assumed control of service and operations at PEF Federal Credit Union of Highland Heights, Ohio.
During the conservatorship, NCUA will work to resolve issues affecting the institution’s safety and soundness.
Service to PEF Federal Credit Union’s members will continue uninterrupted, and deposits remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund continues to insure individual accounts at PEF Federal Credit Union up to $250,000. The Share Insurance Fund, like the FDIC’s Deposit Insurance Fund, has the backing of the full faith and credit of the U.S. Government.
Chartered in 1957, PEF Federal Credit Union serves 2,974 members and has assets of approximately $31.3 million, according to the credit union’s most recent Call Report.
The Federal Credit Union Act authorizes the NCUA Board to appoint itself conservator when necessary to conserve the assets of a federally insured credit union, protect members’ interests, or protect the Share Insurance Fund. PEF Federal Credit Union is the third federally insured credit union placed into conservatorship during 2013.
Members who have questions about the conservatorship may review the PEF Federal Credit Union Frequently Asked Questions document attached to this release. The document also can be found online here.
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 U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 94 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.