The NCUA on Tuesday placed Copper & Glass Federal Credit Union of Glassport, Pa., into conservatorship, citing unsafe and unsound practices at the $7.1 million institution. While the agency works to stabilize operations, member services will continue without interruption, the NCUA said.
Member deposits remain fully protected by the National Credit Union Share Insurance Fund, which insures up to $250,000 per individual account and provides separate coverage for joint accounts and retirement accounts.
The credit union’s branch at 531 Monongahela Avenue remains open with normal hours, and members can continue to make deposits, withdraw funds, conduct transactions and make loan payments. Copper & Glass FCU serves 1,255 members across multiple occupational and associational groups and individuals who live, work, worship, or attend school in Allegheny County.
The NCUA said its conservatorship action is intended to correct operational deficiencies while preserving member access to financial services. The agency did not specify the nature of the unsafe practices but said staff will remain in place to address issues and determine the institution’s long-term future.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.