BROOKLYN, N.Y.– NCUA has liquidated Inter-American Federal Credit Union here, the agency announced.
In June of last year, NCUA slapped Inter-American with a cease-and-desist order to address certain supervisory concerns raised by the NCUA’s Eastern Regional Office.
IAFCU made $192 in 2021 and lost $21,905 last year. Net worth stood at 8.19%.
The tiny credit union served 460 members and had assets of $727,157, according to Call Report data.
NCUA said it made the decision to liquidate the CU and discontinue its operations after determining the credit union was not operating in a safe and sound manner.
The one-office Inter-American is the first federally insured credit union to fail in 2023.