DIFS Appoints NCUA Conservator of Ukrainian Future Credit Union

LANSING, Michigan, Feb. 23 -- The Michigan Department of Insurance and Financial Services issued the following news release:

Today, the Michigan Department of Insurance and Financial Services (DIFS) placed the Ukrainian Future Credit Union into conservatorship and appointed the National Credit Union Administration (NCUA) conservator. The Ukrainian Future Credit Union is headquartered in Warren, Michigan and has branches in West Bloomfield and Hamtramck, Michigan.

"The credit union members should be assured that their deposits are protected to the limits prescribed by federal law and they will have continued, uninterrupted access to their funds," said DIFS Director Patrick McPharlin.

The Ukrainian Future Credit Union has 5,692 members, $84.6 million in assets, $77.5 million in deposits, and net loans in the amount of $27.5 million.

Background

Upon review, Director McPharlin determined conservatorship of the Ukrainian Future Credit Union was necessary to protect the public interest.

"We remain focused on continuing our efforts to provide appropriate regulatory oversight of the insurance and financial services industries, including state-chartered credit unions. We work to ensure that the businesses within these industries are safe, sound, and entitled to the public's confidence," added McPharlin.

More Information

Members and customers of the Ukrainian Future Credit Union with questions about this conservatorship should contact the Warren Headquarters at 586-757-1980.

Members with questions or concerns about action taken today are asked to call DIFS toll-free hotline at 877-999-6442.

NCUA is the federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions across the country through the National Credit Union Share Insurance Fund (NCUSIF).

Credit union members with questions about insurance coverage can find information online here, or they may contact NCUA's Consumer Assistance Center at 800-755-1030 between 8 a.m. and 5 p.m. Eastern.

For more information about DIFS or the services provided, please visit the website at www.michigan.gov/difs, follow them on Twitter or "Like" them on Facebook.