June 28, 2011
The National Credit Union Administration (NCUA) is considering multiple options for O.U.R. Federal Credit Union after assuming control of the Eugene-based institution last Friday. The credit union is the eighth federally insured credit union taken into conservatorship by the NCUA this year.
“The NCUA has not offered any timeline on when issues with O.U.R. will be resolved,” said Association CEO John Annaloro. “The important fact is that deposits of the credit union are insured through the National Credit Union Share Insurance Fund, and the NCUA’s action in no way impacts the membership ability to access their funds, make loan payments or deposits.”
O.U.R. FCU serves over 2,100 members and lists assets of $4.3 million. Under the NCUA conservatorship, most normal business activity will continue and members of the credit union have access to the same services available to them prior to NCUA taking control of the credit union’s operations. NCUA takes such action to preserve the uninterrupted business of the credit union while working to resolve issues affecting the safety and soundness of the credit union.
A number of credit unions made deposits with O.U.R. FCU to help bolster its capital since it serves a large low-income member base. These deposits are also insured within the NCUA’s insurance fund limitations.
It is anticipated that the NCUA will keep the Association apprised of any material information that arises into their investigation.
Comments or questions? Contact the Anthem Editor: Editor@nwcua.org.