The National Credit Union Administration (NCUA) has placed Copper & Glass Federal Credit Union in Glassport, Pennsylvania, into conservatorship due to unsafe and unsound practices. The agency announced that member services will continue as normal while it addresses the operational issues at the credit union.
Member deposits remain protected by the National Credit Union Share Insurance Fund, which insures individual accounts up to $250,000. Joint accounts are insured up to $250,000 in total per member, and IRA and KEOGH retirement accounts are also covered separately for up to $250,000. The Share Insurance Fund is backed by the full faith and credit of the United States.
The credit union’s office at 531 Monongahela Avenue in Glassport remains open for regular business hours: Monday through Thursday from 9:30 a.m. to 4:00 p.m., and Friday from 9:30 a.m. to 5:30 p.m. Members can continue conducting financial transactions, making deposits and withdrawals, paying loans, and using their shares without interruption.
Members who have questions about operations can contact Copper & Glass Federal Credit Union directly or consult frequently asked questions on the NCUA’s website. Information about insurance coverage is available in the Share Insurance Coverage section of MyCreditUnion.gov.
Copper & Glass Federal Credit Union has approximately 1,255 members and assets totaling around $7.1 million based on its latest Call Report. It serves various occupational and associational groups as well as individuals living, working, worshiping, or attending school in Allegheny County, Pennsylvania. Businesses and legal entities within an underserved portion of Allegheny County are also eligible for membership.
The NCUA is an independent federal agency responsible for regulating and supervising federal credit unions across the country. It manages the National Credit Union Share Insurance Fund that insures more than 143 million account holders in all federal credit unions and most state-chartered credit unions nationwide.