ALEXANDRIA, Va.—The Superintendent of the Ohio Division of Financial Institutions Thursday placed tiny Cory Methodist Church Credit Union, of Cleveland, into conservatorship and appointed the NCUA as conservator.
The Superintendent placed Cory Methodist into conservatorship because of unsafe and unsound practices at the credit union, the NCUA stated. While continuing normal member services, NCUA said it will work to resolve issues affecting the credit union’s operations.
NCUA explained that CMCCU members can conduct normal financial transactions at local Steel Valley Federal Credit Union. The low-income designated $1.6-million CMCCU has 710 members.