Peoples First Choice Federal Credit Union
January 21, 2008 – 9:53 amPeoples First Choice Federal Credit Union was turned over to federal conservatorship today. the move was voluntary and credit unions, part and all normal operations will continue uninterrupted.
On June 12, 2007, the board of directors of Peoples First Choice Federal Credit Union (PFC FCU) voluntarily consented to conservatorship, accordingly, the National Credit Union Administration (NCUA) has assumed control of service and operations at the credit union, with assets of $24.1 million, located in Glen Rock, New Jersey.
Service to Peoples First Choice Federal Credit Union’s 5,300 members will continue uninterrupted. Members can continue to conduct normal financial transactions – deposit and access funds, make loan payments and use share drafts. The decision to conserve a credit union enables the institution to continue normal operations with expert management assistance in place correcting previous service and operational weaknesses.
NCUA took direct control people’s first as allowed by law.
The Federal Credit Union Act authorizes the NCUA Board to appoint itself conservator when necessary to conserve the assets of a federally-insured credit union, protect members’ interests or protect the NCUA.
One Response to “Peoples First Choice Federal Credit Union”
The should have never happened. Several Board Members, with legal counsel, brought the wring doings at the Credit Union to the attention of NCUA investigators eight months before they were placed in Conservatorship…..THEY DID NOTHING! Now the member of this credit union are left with $4-5M dollars in bad debt the they are practically insolvent all because of a corrupt Board, employees that were thieves and a good for nothing NCUA! The Government deserves whatever they get with this one, it’s the hard working members that I feel sorry for.
By Credit Union Member on Feb 18, 2008