ALEXANDRIA, Va.-NCUA has placed the troubled $5.2 million Midwood Federal Credit Union in Brooklyn into conservatorship. NCUA has assured that service to the credit union's 1,110 members will continue uninterrupted. The National Credit Union Share Insurance Fund insures member accounts up to $100,000. NCUA Special Assistant to the Chairman and Director of External Affairs Nick Owens explained that the credit union was conserved due to operational concerns uncovered during a recent NCUA contact with Midwood. Credit unions are conserved to carry on normal operations as expert management assistance is put in place to correct service and operational weaknesses, according to NCUA.
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