Texas League Reassures After Texans CU Conservatorship
The Texas Credit Union League said credit unions in the Lone Star State remain healthy despite the recent conservatorship of the $1.6 billion Texans Credit Union.
“The conservatorship of Texans CU is not a cause for concern, as federal law and NCUA practices are in place to protect members,” TCUL President/CEO Dick Ensweiler said in a statement.
Following the lead of the NCUA’s assurance that member funds are not at risk, Ensweiler reiterated that members of the Richardson-based credit union “can rest assured that their funds are secure.”
The NCUA said it has the authority to pursue several options regarding Texans CU’s fate but ultimately wants to keep the cooperative running for the long term. Texans was placed in conservatorship on Friday.
Meanwhile, Ensweiler touted the track record of Texas’ credit unions.
“It is worth noting that government conservatorships of Texas credit unions are very rare and Texas not for profit credit unions overall remain healthy and well-capitalized,” he said.