Happy Birthday to America, we hoped you enjoyed the party, the hangover, the new all time highs in our casino, and of course peace in our time.
So now we can resume war, financial shenanigans, and oh, that’s right, shutting down the truly crappy institutions that probably should have had a padlock on them years ago.
From the National Credit Union Administration home page:
WeDevelopment Federal Credit Union Conserved
Accounts Remain Protected by Share Insurance Fund; Member Services Uninterrupted
Alexandria, VA (July 10, 2026) – The National Credit Union Administration (NCUA) today placed WeDevelopment Federal Credit Union (FCU) in Kansas City, Missouri, into conservatorship. Member services will continue while NCUA works to resolve issues affecting the credit union’s operations.
NCUA placed WeDevelopment FCU into conservatorship because of unsafe and unsound practices at the credit union.
Member deposits at WeDevelopment FCU remain protected by the National Credit Union Share Insurance Fund, which has the backing of the full faith and credit of the United States. Administered by NCUA, the Share Insurance Fund insures individual accounts at WeDevelopment FCU up to $250,000. 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.
Member services will continue uninterrupted at WeDevelopment FCU’s main office at:
WeDevelopment FCU
3123 Prospect Avenue
Kansas City, MO 64128WeDevelopment FCU members can continue to conduct normal financial transactions, deposit and access funds, make loan payments, and use shares. The office is open Monday through Friday from 9 a.m. to 5 p.m. Central. While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations.
Members with questions about WeDevelopment FCU operations may contact the credit union at 816.266.1003. Members with questions about the conservatorship may review the WeDevelopment FCU frequently asked questions posted on NCUA’s website. Members with questions about their Share Insurance Fund coverage can find more information in the Share Insurance Coverage (Opens new window) section of NCUA’s MyCreditUnion.gov (Opens new window) consumer website.
WeDevelopment FCU is a federally insured, federally chartered credit union with 933 members and reported assets of $2.63 million according to the credit union’s recent Call Report. WeDevelopment FCU serves underserved communities within 57 census tracts in Jackson County, Missouri.
So how bad was this credit union? From Credit Union Today:
NCUA said it made the move because of unsafe and unsound practices at the credit union.
Call Report data show the CU lost $254,876 in net income through March and net worth plummeted to -7.29% at the close of March from 3.73% at the end of the year.
WeDevelopment FCU has 933 members and serves underserved communities within 57 census tracts in Jackson County, Mo.
-7.29%? That’s it? They must be using the Lehman model.
As the elections draw closer and an administration mired in financial corruption tries to cover their own tracks, look for more small regional institutions to get shut down to claim “see we’re enforcing the regulations” as their victory shout. However if that was true, how the hell is Citigroup still around?
Stay tuned, it could be the start of something bigger nationwide or just another isolated incident of fraud and abuse of depositors funds. Time will tell.
