The New York State Department of Financial Services (DFS) today took possession of Yonkers Postal Employees Credit Union and appointed the National Credit Union Administration (NCUA) as conservator.
Yonkers CU is a New York state-chartered credit union with total deposits of approximately $5.25 million as of Dec. 31, 2022. The credit union serves 486 U.S. Postal Service employees and retirees residing in Westchester, Putnam, Duchess, and Orange Counties.
“DFS placed Yonkers CU into conservatorship in order to protect its members,” said the department in a press statement. “The condition of the credit union has steadily deteriorated since 2018, when current management assumed responsibility for operations. In several examinations conducted jointly by the NCUA and DFS, the institution has been rated critically deficient. The management of Yonkers CU has continually failed to comply with orders issued by the NCUA and DFS to remediate outstanding issues and has created roadblocks for potential mergers with other credit unions that would have benefitted the members of Yonkers CU.”
The DFS added the credit union will continue to operate and members are able to continue with their financial transactions.
Photo by Coolcaesar / Wikimedia Commons
