Federal regulators have taken control of a tiny Philadelphia credit union after a routine examination turned up record-keeping improprieties.
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The National Credit Union Administration said in a press release Tuesday that it has put Mount Hebron Baptist Federal Credit Union into conservatorship and has sent officials to Philadelphia to run its operations.
The credit union has just $31,000 of assets and 104 members.
The agency said that all member deposits are safe, and that customers will not experience service disruptions.
A spokesman for the NCUA said it intends to return control of the credit union to its members once its safety-and-soundness issues have been addressed, but he could not say when the transition would occur.
