NCUA Takes Over Two Troubled CDCUs

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ALEXANDRIA, Va. – NCUA on Friday took under conservatorship two struggling community development credit unions, Borinquen FCU, a $7 million credit union serving Philadelphia's minority Fairhill neighborhood, and OUR FCU, a $4 million Eugene, Ore., institution serving participants in the county’s health and human services assistance programs.

The takeover of Borinquen comes just days after NCUA issued the troubled credit union a cease and desist order regarding deficiencies in bookkeeping and accounting.

NCUA will operate both credit unions under conservatorship for the short term.

 

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