CEO of Conserved Empire Financial FCU Calls NCUA’s Actions ‘Totally Unwarranted’ – Credit Union Times

NCUA lobby Lobby of the NCUA.

The NCUA on Monday conserved the $3 million Empire Financial Federal Credit Union, which was managing unsecured loans, primarily Paycheck Protection Program loans, totaling $1,634,968 in 2020 compared to just $54,171 of unsecured loans in 2019.

The independent federal agency said it conserved the Jackson, N.J.-based credit union because of unsafe and unsound practices that were not specified.