YONKERS, N.Y.– The New York State Department of Financial Services has placed Yonkers Postal Employees Credit Union into conservatorship and appointed the National Credit Union Administration as conservator.
Separately, NCUA has joined with several other regulators in
The $6.021-million YPECU has approximately 475 members. At midyear, the credit union reported a $47,724 loss, with capital of 20.09%. At year-end 2022, it posted a $27,531 loss with capital of 19.10%.
NCUA said member services will continue uninterrupted at the credit union’s main office at 79-81 Main St., Rm 201, in Yonkers.
Updated Guidance
Meanwhile, NCUA has joined with the Fed, FDIC and OCC is updating their existing guidance on liquidity risks and contingency planning. The updated guidance highlights that depository institutions should regularly evaluate and update their contingency funding plans.
"The updated guidance encourages depository institutions to incorporate the discount window as part of their contingency funding plans," the agencies said. "Consistent with other contingency funding sources, the guidance reinforces the supervisory expectation that if the discount window is part of a depository institution’s contingency funding plans, the depository institution should establish and maintain operational readiness to use the discount window, which includes conducting periodic transactions."
NCUA said the discount window can readily provide funding for depository institutions and the Central Liquidity Facility can do so for credit unions.
The guidance applies to all depository institutions supervised by the agencies.
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