DIFS Appoints NCUA Conservator of Valley State Credit Union
FOR IMMEDIATE RELEASE: November 9, 2016
Member Deposits Remain Protected to $250,000; Services Uninterrupted
(LANSING) Today, the Michigan Department of Insurance and Financial Services (DIFS) appointed the National Credit Union Administration (NCUA) conservator of Valley State Credit Union in Saginaw 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.
DIFS placed Valley State Credit Union into conservatorship on August 17, 2016 because of unsafe and unsound practices at the credit union. While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations. Members can continue business as usual, conducting financial transactions, accessing share deposits and loan services, and using web-based account inquiries and bill payment.
Credit union members and customers of Valley State Credit Union with questions about this conservatorship should contact the Valley State Credit Union branch office at 989-793-5943.
Deposits at Valley State Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
Credit union members with questions about insurance coverage can find more information on the MyCreditUnion.gov website, or they may contact NCUA’s Consumer Assistance Center at 800-755-1030 between 8 a.m. and 5 p.m. Eastern.