January 21, 2008 – 9:53 am
The Kansas Department of Credit Unions Has stepped in to take over the sickly Communities United Credit Union. It will oversee the transfer of 19,000 member accounts to their credit unions.
Communities United Credit Union serves 1,900 members. The Kansas Department of Credit Unions deemed the credit union to be insolvent and said it “has no prospects of restoring viable operations.” NCUA will operate the credit union until the member accounts can be assumed by another credit union.
Communities United specialized in providing low-interest rate loans and financial counseling to help people pay off high-interest payday loans.
