The National Credit Union Administration (NCUA), a U.S. government agency headquartered in Alexandria, Virginia, has placed People Trust Community Federal Credit Union of North Little Rock, Arkansas, into conservatorship. The decision was made due to what the NCUA described as “unsafe and unsound practices at the credit union.”
According to the NCUA, member services will continue while efforts are made to resolve operational issues at People Trust Community Federal Credit Union. The agency emphasized that member deposits remain protected by the National Credit Union Share Insurance Fund, which is backed by the full faith and credit of the United States. Individual accounts are insured up to $250,000, with joint accounts and certain retirement accounts also receiving separate coverage up to $250,000.
“Member deposits at People Trust Community Federal Credit Union 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 People Trust Community Federal Credit Union 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.”
While under conservatorship, members can continue normal financial transactions at Arkansas Federal Credit Union’s branch located at 17500 Cantrell Rd., Little Rock. The lobby operates Monday through Friday from 9:00 a.m. to 5:00 p.m., though drive-through service for People Trust Community members is not available.
“People Trust Community members can continue to conduct normal financial transactions, deposit and access funds, make loan payments, and use shares. The AFCU lobby is open Monday through Friday from 9:00 a.m. to 5:00 p.m. No drive through service will be available for People Trust Community member transactions.”
Members seeking information about operations or conservatorship can contact People Trust Community Federal Credit Union directly or review frequently asked questions on the NCUA’s website. Additional details about insurance coverage are also available on MyCreditUnion.gov.
People Trust Community Federal Credit Union serves Pulaski and Saline Counties in Arkansas and reports having 1,796 members with assets totaling approximately $3.28 million as per its latest Call Report.
The NCUA was established by Congress in 1970 to regulate federal credit unions and manage the National Credit Union Share Insurance Fund https://ncua.gov/. As part of its responsibilities https://ncua.gov/, it provides regulatory oversight for federally insured institutions across the country https://ncua.gov/ and offers resources such as insurance estimators for consumers https://ncua.gov/.
For further inquiries regarding this matter or other media requests related to NCUA activities within the financial sector https://ncua.gov/, contact information is provided by the agency.
