Beverly Hills City Employees Federal Credit Union of Beverly Hills, California, merged into Nuvision Federal Credit Union of Huntington Beach, California, effective June 1, according to a June 2 announcement from the National Credit Union Administration.
Members transferring to Nuvision Federal Credit Union will experience no interruption in services. All accounts remain insured by the National Credit Union Share Insurance Fund. The Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. IRA and KEOGH retirement accounts are separately insured up to $250,000. The Share Insurance Fund is backed by the full faith and credit of the United States.
Members with questions about their accounts may contact Nuvision Federal Credit Union at 310.275.3802 or find additional information on share insurance coverage through NCUA’s MyCreditUnion.gov consumer website.
On January 22, NCUA placed Beverly Hills City Employees Federal Credit Union into conservatorship and appointed itself as conservator while addressing issues affecting the credit union’s safety and soundness. After several months of analysis and stakeholder engagement, NCUA determined that merging Beverly Hills City Employees Federal Credit Union into Nuvision was in members’ best interest.
Beverly Hills City Employees Federal Credit Union served 1,750 members with $14.9 million in assets as reported most recently. Chartered in 1954, it served employees of the City of Beverly Hills. Nuvision is federally insured and chartered with 204,942 members and assets totaling $3.9 billion based on its most recent Call Report.
The National Credit Union Administration functions as a U.S. government agency providing regulatory oversight for federally insured credit unions nationwide; it charters new institutions and offers tools such as the Share Insurance Estimator for coverage details, according to the official website.
