Credit Union Stays Open and Operating with Normal Member Services; Member Deposits Also Remain Federally Insured up to $250,000
April 15, 2011 -- The National Credit Union Administration (NCUA) today
placed Texans Credit Union of Richardson, Texas, into conservatorship. Texans Credit Union
remains open and operating. While continuing normal member services, NCUA will work to
resolve issues affecting the Texans Credit Unionís safety and soundness.
Deposits at Texans Credit Union also remain protected. Administered by NCUA, the National
Credit Union Share Insurance Fund (NCUSIF) continues to insure individual accounts at Texans
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.
A full service credit union, Texans Credit Union currently has 133,000 members and assets of
$1.6 billion. The credit union provides financial services to people residing in the Texas counties
of Collin, Dallas, Rockwall, Travis, and Williamson, as well as parts of Denton County.
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.
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 membersí interests,
or protect the NCUSIF. Texans Credit Union is the third federally insured credit union placed
into conservatorship during 2011.