Regulators determine the Cleveland-area, low-income designated credit union’s practices are unsafe and unsound.
Montauk CU is one of four New York cooperatives serving the taxi medallion industry.
Eighth federal credit union conserved so far this year.
Crippled by mounting commercial loan losses, the $1.6 billion Texans Credit Union was placed in conservatorship on April 15 by the NCUA.
Agency says business as usual at conserved CU with focus on improving its financial condition for the long term.
The $6.1 billion Security Service FCU said it has not made a bid for the newly conserved $1.6 billion Texans Credit Union.