Ukrainian Future Credit Union Merger with Selfreliance Ukrainian American Federal Credit Union
Member Deposits Remain Protected to $250,000; Services Uninterrupted
FOR IMMEDIATE RELEASE: August 17, 2018
(LANSING) Today, the Michigan Department of Insurance and Financial Services (DIFS) announced the merger of Ukrainian Future Credit Union (UFCU) (Warren, Michigan) with Selfreliance Ukrainian American Federal Credit Union (SUAFCU) (Chicago, Illinois).
DIFS placed UFCU into conservatorship on February 23, 2018 after it discovered unsafe and unsound practices. DIFS subsequently appointed the National Credit Union Administration (NCUA) conservator of UFCU. 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 (Fund).
“Since announcing the conservatorship, we have been working together with the NCUA to ensure protection and safety of member deposits as prescribed by federal law,” said DIFS Director Patrick McPharlin. “The credit union members will have continued, uninterrupted access to their accounts.”
Credit union members and customers of UFCU with questions about this merger should contact the new SUAFCU branch office at 586-757-1980.
UFCU’s members’ deposits remain protected by the National Credit Union Share Insurance Fund (Fund), which is administered by the NCUA. The Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. IRA and KEOGH retirement accounts are protected separately up to $250,000. The Fund has the backing of the full faith and credit of the United States.
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.