The Michigan Department of Insurance and Financial Services placed the Ukrainian Future Credit Union, Warren, Mich., into conservatorship and appointed the National Credit Union Administration as conservator on Feb. 23.
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 $47.5 million. It operates in Warren, West Bloomfield and Hamtramck, all in the eastern portion of the state.
Patrick McPharlin, director of the DIFS, said the conservatorship was done in the public interest. “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,” McPharlin said.
The NCUA said the move was made to “to address issues related to a credit union’s operations and financial condition while maintaining member service.”