The National Credit Union Administration (NCUA) has placed Beverly Hills City Employees Federal Credit Union (FCU), located in Beverly Hills, California, into conservatorship. The agency cited unsafe and unsound practices as the reason for this action. Despite the change, member services will continue without interruption while the NCUA works to address operational issues at the credit union.
According to the NCUA, “Member deposits at Beverly Hills City Employees FCU remain protected by the National Credit Union Share Insurance Fund, which has the backing of the full faith and credit of the United States. Administered by NCUA, the Share Insurance Fund insures individual accounts at Beverly Hills City Employees FCU up to $250,000. A member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000.”
Beverly Hills City Employees FCU members can continue regular financial activities such as depositing funds, making loan payments, and accessing their accounts at 9298 W. 3rd Street in Beverly Hills during normal business hours.
Members with questions about operations are encouraged to contact the credit union directly or review frequently asked questions on the NCUA’s website. Additional information about share insurance coverage is available through MyCreditUnion.gov.
Beverly Hills City Employees FCU serves employees of the city of Beverly Hills and has 1,542 members with reported assets totaling $16.5 million.
The NCUA was established by Congress in 1970 to regulate and supervise federal credit unions and manage the National Credit Union Share Insurance Fund according to its official website. The agency oversees federally insured credit unions nationwide and provides regulatory guidance to ensure deposit safety and offers online tools for financial submissions. Its headquarters are located in Alexandria, Virginia as noted on its official site.
For more information regarding this conservatorship or other related matters, members may reach out via phone or visit relevant sections on official websites provided by NCUA.
