The National Credit Union Administration (NCUA) has assumed control of service and operations at NCP Community Development Federal Credit Union of Norfolk, Va. This is the first federally insured credit union placed into conservatorship this year.
NCP is a full-service financial institution with $2 million in assets, according to its most recent call report. NCP has served a low-income community in the Hampton Roads, Va. area for 14 years. Service will continue uninterrupted.
NCUA says that it will work to resolve issues affecting the institution's safety and soundness while continuing normal services to the credit union's 709 members.