The National Credit Union Administration placed CO Federal Credit Union on guardianship Tuesday, citing unsafe and harmful practices.
Headquartered in Charleston, SC, the credit union holds approximately $ 4.5 million in assets and serves 785 members. Its membership camp includes members of the Charleston County Citizens Committee who live in the county and members and retirees of the International Longshoreman’s Association – Local # 1422, as well as their immediate family members.
Normal operations are expected to continue at the credit union’s headquarters in Charleston while under the management of NCUA.
NCUA call report data shows that the Federal Reserve lost more than $ 37,000 during the first three quarters of 2020, the most recent data available, compared to gains of about $ 81,000 during the same period in 2019.
Federal CO is the first tutelage in 2021 and the first credit union to be taken over by the regulator since Southern Pine Credit Union last summer.
