Denver -based credit union Zion United Community Credit Union has been placed into conservatorship by regulators in Colorado.
Regulators in Colorado took control of a Denver credit union with the goal of saving it for its low- and moderateincome members.
According to Colorado’s Financial Services Commissioner Chris Myklebust the action is motivated by concern for the consumer.
Myklebust’s agency assumed control of Zion United and removed its board of directors on Dec. 14, according to the National Credit Union Administration. Myklebust appointed a new, six-person board that includes two attorneys, two local credit union executives, a minister and an official at the National Federation of Community Development Credit Unions.
The official media release can be obtained to here.
