We don't have another commercial bank failure, not have another credit union failure of the year, we have a credit union, Valwood Park Federal Credit Union of Carrollton, TX (Full NCUA list, and the direct link for this year) removed from conservatorship.
Basically, that means that the NCUA has decided that they got their sh%$ in order, and so can go back to business as usual:
Valwood Park Federal Credit Union of Carrollton, Texas, is once again under the control and direction of its members, the National Credit Union Administration announced today.
“The recovery of Valwood Park reflects the extraordinary efforts of its leadership team, staff, and members,” NCUA Chairman Kyle S. Hauptman said. “Working in collaboration with the NCUA, the new management team saved the credit union from failure by enhancing controls and mitigating risks. Valwood Park is now in a stronger position to provide vital financial services and enhance the financial well-being of residents in Dallas’s Metrocrest communities.”
The NCUA placed Valwood Park Federal Credit Union into conservatorship on January 20, 2023, because of unsafe and unsound practices at the credit union.
Not a clue as to what this means.
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