BEVERLY HILLS, Calif.--NCUA Thursday placed $16.5-million Beverly Hills City Employees FCU here into conservatorship, the agency reported.
NCUA said it placed BHCEFCU into conservatorship because of unsafe and unsound practices at the credit union.
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 has 1,542 members and serves the employees of the city of Beverly Hills.