Greater Christ Baptist Church Credit Union Closes
Member Deposits Protected up to $250,000; Consumer Service Hotline Open
FOR IMMEDIATE RELEASE: July 31, 2018
(Lansing) Greater Christ Baptist Church Credit Union in Detroit was closed today by the Michigan Department of Insurance and Financial Services (DIFS). DIFS Director Patrick McPharlin sought a petition in the Ingham County Circuit Court to place the credit union into receivership and appointed the National Credit Union Administration (NCUA) as receiver after finding the credit union was operating in an unsafe and unsound manner.
“Greater Christ Baptist Church Credit Union members should be confident that their insured deposits are protected,” said McPharlin.
The credit union’s member deposits are protected by the National Credit Union Share Insurance Fund to the limits provided by federal law. NCUA’s Asset Management and Assistance Center will issue correspondence in the near future to individuals holding verified share accounts at the credit union.
The credit union has 396 members, $608,000 in assets, and $470,500 in deposits as of its last quarterly filing.
“We remain focused on continuing our efforts to provide 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.
Members with additional questions about their insurance coverage may contact the National Credit Union Administration’s Assistance Center hotline toll-free at 877-715-0777. The Center answers calls Monday through Friday between 9 a.m. and 6 p.m., Eastern Daylight Time. Individuals may also visit www.MyCreditUnion.gov at any time for more information about their insurance coverage.
For more information regarding the NCUA visit www.NCUA.gov.
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).
The mission of DIFS is to promote economic growth while ensuring that the insurance and financial services industries are safe, sound and entitled to public confidence. DIFS provides consumer protection, outreach and education services to Michigan citizens. It strives to create and maintain active relationships with both consumers and licensees in the insurance and financial services industries to ensure adequate protections while fostering growth, strength and sustainability.