JACKSON, N.J. – NCUA on Friday placed tiny Helping Other People Excel Federal Credit Union of Jackson, New Jersey, into conservatorship. The move comes on the heels of the CU being embroiled in an alleged Bitcoin money laundering scheme.
The CU, with just 96 members and assets of $290,927,
Pinnacle FCU of Edison, N.J., will operate Helping Other People Excel FCU during the conservatorship under a management agreement with NCUA. While normal member services continue, “NCUA will work to resolve issues affecting the credit union’s safety and soundness,” the regulator said in a statement.
Members of the conserved CU will be able to continue to conduct normal financial transactions, deposit and access funds, and use shares. Member deposits at Helping Other People Excel FCU remain federally insured by the National Credit Union Share Insurance Fund, NCUA noted.
Chartered in 1978, Helping Other People Excel Federal Credit Union serves a community field of membership comprised of persons who live, work, worship, or attend school in, and businesses and other legal entities in Lakewood, New Jersey.
