This could be an unfortunate but interesting Friday night.
Just like the “good” old days on the radio in 2007-2008.
From the NCUA website:
ALEXANDRIA, Va. (July 28, 2023) – The New York State Department of Financial Services today placed Yonkers Postal Employees Credit Union in Yonkers, New York, into conservatorship and appointed the National Credit Union Administration as conservator.
Member deposits at Yonkers Postal Employees Credit Union remain protected by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts at the credit union up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
Member services will continue uninterrupted at the credit union’s main office at 79-81 Main St., Rm 201, Yonkers, New York. Members can continue to conduct financial transactions, deposit, and access funds, make loan payments, and use shares during the conservatorship.
Members with questions about Yonkers Postal Employees Credit Union’s operations may contact the credit union at 914.423.7628 on Tuesday, Wednesday, and every other Friday coinciding with USPS paydays, 10 a.m. – 4 p.m., except for holidays. Members with questions about the conservatorship may review the Yonkers Postal Employees Credit Union’s frequently asked questions posted on the NCUA’s website. Members with questions about their Share Insurance Fund coverage can find more information on NCUA’s consumer website MyCreditUnion.gov (opens new window).
Yonkers Postal Employees Credit Union is a federally insured, state-chartered credit union with 486 members and approximately $6.3 million in assets, according to the credit union’s most recent Call Report. Yonkers Postal Employees Credit Union serves employees of the United States Postal Service, primarily located in Yonkers, New York.
So far the failure system for banks and credit unions is “safe and effective”, ahem. Where have we heard that before?
Could there be more tonight? Stay tuned and I will have a market missive this weekend during our stormy weather.