NCUA takes control of Empire Financial Federal Credit Union

The National Credit Union Administration on Monday placed Empire Financial Federal Credit Union in Jackson, New Jersey, into conservatorship.

It is the fourth credit union to be put in conservatorship in 2021. One of those, Indianapolis’ Newspapers Federal Credit Union, was later liquidated making it the first credit union to be closed by the regulator this year.

The regulator cited "unsafe and unsound practices" at Empire Financial but did not specify what the issues were in the press release.

The credit union serves 343 members and has assets of slightly more than $3 million, according to its most recent call report.

Empire Financial serves multiple faith, occupational, and associational groups, and communities primarily located in New York City and New Jersey.

Call report data for the credit union shows income of more than $52,000 in the first quarter of 2021 compared to a loss of more than $10,000 in the year-ago quarter.