The National Credit Union Administration announced on April 30 that it has liquidated People Trust Community Federal Credit Union in North Little Rock, Arkansas. The decision was made after the agency determined the credit union was insolvent and had violated several provisions of the Federal Credit Union Act and NCUA regulations, including operating in an unsafe and unsound manner.
This action affects members of People Trust Community Federal Credit Union, but their deposits remain protected by federal insurance. The NCUA said member deposits are insured by the National Credit Union Share Insurance Fund up to at least $250,000. Individuals holding verified share accounts will receive correspondence from NCUA’s Asset Management and Assistance Center within one week regarding their accounts.
People Trust Community Federal Credit Union served Pulaski and Saline Counties in Arkansas. It had 1,830 members and assets totaling $1,454,253 according to its most recent Call Report. Members with questions about their insurance coverage can contact NCUA’s Consumer Assistance Center or use tools like the Share Insurance Estimator available at MyCreditUnion.gov.
The National Credit Union Administration functions as a U.S. government agency according to the official website. It seeks to guarantee safe deposits and provide regulatory oversight for federally insured credit unions according to the official website. Kyle Hauptman has served as chairman of the National Credit Union Administration Board according to the official website.
The agency serves federally insured credit unions across the nation according to the official website, charters new institutions, offers oversight for federally insured entities according to the official website, and provides tools such as CUOnline for financial submissions according to the official website.
Looking ahead, affected members are encouraged by NCUA officials to reach out with any concerns or questions about their accounts or insurance coverage.
