The National Credit Union Administration (NCUA) has liquidated the Unilever Federal Credit Union based in Englewood Cliffs, New Jersey, citing insolvency and no potential for restoring viable operations. The liquidation measure was necessary as the credit union was unable to sustain operations.
The NCUA assured that member deposits remain protected by the National Credit Union Share Insurance Fund, which insures deposits up to at least $250,000. Correspondence to individuals holding verified share accounts is set to be issued by NCUA’s Asset Management and Assistance Center within a week. The center can be contacted for inquiries at 1.877.715.0777 or 512.231.7940, or via email at amacmail@ncua.gov.
For further insurance coverage queries, members can reach out to NCUA’s Consumer Assistance Center at 800.755.1030 during business hours or visit the MyCreditUnion.gov website.
Unilever Federal Credit Union had served 1,448 members and managed assets totaling $46,669,599, as per its latest Call Report. Initially chartered in 1948, the credit union catered mainly to employees of UNUS, Unilever United States, Inc, and its subsidiaries located in or paid from Englewood Cliffs, New Jersey.
The NCUA was instituted by the U.S. Congress as an independent agency to regulate, charter, and supervise federal credit unions. The agency administers the National Credit Union Share Insurance Fund, covering deposits for over 135 million accounts in federal and most state-chartered credit unions. Additionally, the NCUA focuses on consumer protection and financial literacy advocacy.