LOUISVILLE, Ky. –Just two weeks after police here announced they were investigating an alleged theft at their own credit union, NCUA has placed Louisville Metro Police Officers Credit Union into conservatorship.
As CUToday.info reported here, Louisville Police said in early December they were looking into an alleged embezzlement from member accounts, but declined to say how much was suspected to have been taken.
As of its Sept. 30 call report, LMPOCU had $28.7-million in assets and 3,564 members.
Police have since announced that the investigation has been taken over by the FBI, and the announcement of the conservatorship means NCUA representatives have been on-site, as well.
The agency reminded members all accounts are insured and that there will be no interruption of services at the credit union’s two offices.
The NCUA placed Louisville Metro Police Officers Credit Union into conservatorship to allow the credit union to continue regular operations with experienced management in place and to correct operational weaknesses. While continuing normal member services, the NCUA will work to resolve issues affecting the credit union’s safety and soundness.