Hmong American Federal Credit Union Placed into Conservatorship

Credit Union Relocates, Stays Open and Operating with Normal Member Services; Member Deposits Remain Federally Insured up to $250,000

 

(May 4, 2011) Ė The National Credit Union Administration (NCUA) placed Hmong American Federal Credit Union of St. Paul, Minnesota, into conservatorship today. The credit union remains open and operating, although services have moved to a new location. While continuing normal member services, NCUA will work to resolve issues affecting the institutionís safety and soundness.

 

Deposits at Hmong American Federal Credit Union remain protected. Administered by NCUA, the National Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at Hmong American Federal Credit Union up to $250,000. The NCUSIF, like the FDICís Deposit Insurance Fund, has the backing of the full faith and credit of the U.S. Government.

 

Hmong American Federal Credit Unionís new location is 56 East 6th Street, Suite 314, St. Paul, MN 55101. Credit union members may continue to reach the credit union at (651) 228-0455.

 

A full service credit union, Hmong American Federal Credit Union currently has 716 members and assets of $2.7 million. The credit union provides financial services to members of the Lao Family Community of Minnesota, Inc.

 

The decision to conserve a credit union enables the institution to continue regular operations with expert management in place, correcting previous service and operational weaknesses. During conservatorship, members may therefore continue to conduct business at the credit union.

 

Hmong American Federal Credit Union is the fifth federally insured credit union placed into conservatorship during 2011.

 

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