WARREN, Mich.–The Michigan Department of Insurance and Financial Services has placed the $84-million Ukrainian Future Credit Union into conservatorship, citing “unsafe and unsafe business practices.” NCUA has been named as conservator.
The credit union remains open and is providing service to its 5,692 members.
NCUA said it will now work to “resolve issues affecting the credit union’s operations.”
According to UFCU’s 2017 year-end call report it showed $636,986 in net income for the year, with $54,984 in delinquent loans. It had net worth of 13.4% and is considered well-capitalized.
Ukrainian Future Credit Union was chartered in 1961 and serves the members of the Future Ukrainian-American Aid Association of Detroit.