The National Credit Union Administration placed Empire Financial Federal Credit Union in Jackson, New Jersey, into conservatorship on Monday.
In announcing the conservatorship, the NCUA said it was taking the action because of unsafe and unsound practices at the credit union. Normal member services will continue to be available at the credit union’s location at 22 Cortland St. in New York City.
Empire is a federally insured credit union with 343 members and assets of more than $3.04 million, according to the institution’s latest Call Report. The credit union had delinquent loans totaling almost $180,000. The report said that the current pool of potential members is 500.
The credit union made almost $1.21 million in loans under the Small Business Administration’s Paycheck Protection Program.
Empire Financial Federal Credit Union serves multiple faith, occupational, and associational groups, and communities primarily located in New York City and New Jersey
It is the fourth credit union placed into conservatorship this year.