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NCUA lobby Lobby of the NCUA.

The NCUA on Monday conserved the $3 million Empire Financial Federal Credit Union, which was managing unsecured loans, primarily Paycheck Protection Program loans, totaling $1,634,968 in 2020 compared to just $54,171 of unsecured loans in 2019.

The independent federal agency said it conserved the Jackson, N.J.-based credit union because of unsafe and unsound practices that were not specified.

Peter Strozniak

Credit Union Times

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