Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Sunrise in New York City, home to Municipal Credit Union. Sunrise in New York City, home to Municipal Credit Union. (Source: Shutterstock)

Federal and state regulators said Wednesday the $4.1 billion Municipal Credit Union has been released from conservatorship following its widespread fraud and corruption scandal that led to millions in losses and criminal convictions.

The New York State Department of Financial Services took possession of MCU in May 2019 and appointed the NCUA as conservator.

Peter Strozniak


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

Copyright © 2022 ALM Global, LLC. All Rights Reserved.