X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Despite ongoing federal court proceedings addressing its actions, the NCUA has moved forward with the liquidation of the $780,000 Kappa Alpha Psi Federal Credit Union.

“Whenever we liquidate a credit union, we are mindful of the responsibility to return funds to members in an expeditious manner,” wrote John McKechnie, NCUA director of public and congressional Affairs, in an e-mail sent after the liquidation. “In this case, as with other liquidations, we were prepared to do that either by transferring the shares to another credit union or paying them directly to the members. Kappa was unwilling to support a share transfer to another institution, and accordingly, NCUA provided the funds directly to the members,” he added.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.