NCUA places California credit union into conservatorship

The National Credit Union Administration has placed Pomona Postal Federal Credit Union into conservatorship.

The NCUA announced Friday that its board was appointed to take possession and control of the $4.2 million-asset credit union in Pomona, California. The agency did not detail the issues leading to this decision, nor did it provide a timeline for ending conservatorship.

Pomona Postal, according to its most recent call report, provides financial services to approximately 717 members that work for the Pomona Post Office.

While the institution is in conservatorship, members of the credit union will be able to conduct business as normal and find answers to further inquiries on the NCUA website.

The agency has conserved five credit unions in 2021 and liquidated three, including Newspapers Federal Credit Union in Indianapolis, Defense Logistics Federal Credit Union in Dover, New Jersey and Community Owned Federal Credit Union in Charleston, South Carolina.