Kansas Regulator Places Credit Union Group CU Under Conservatorship
TOPEKA, Kan. - The Kansas Department of Credit Unions has placed The Credit Union Group Credit Union located in Lawrence, Kansas under conservatorship effective March 14. According to a release issued by John Smith, administrator, Kansas Department of Credit Unions, the day-to-day management and operations of The Credit Union Group Credit Union has been assumed by the NCUA. The federal agency has appointed Christine Dawe as the agent to secure the ongoing business of the credit union under the direction of the department. Details surrounding the actions were not known. The Credit Union Group Credit Union has more than $19 million in assets and approximately 5,300 members. The department assured members their deposit accounts are protected by federal insurance and fully insured up to $100,000 per account by the NCUA. The department also stressed the continued viability of The Credit Union Group Credit Union and that it "plans to institute the necessary management changes to help restore the credit union's profitability so the credit union can begin to rebuild capital." The department ultimately expects to return control of the CU to its membership, the release stated.