The National Credit Union Administration on Tuesday placed CO Federal Credit Union into conservatorship, citing unsafe and unsound practices.
Headquartered in Charleston, S.C., the credit union holds about $4.5 million in assets and serves 785 members. Its field of membership includes members of the Citizens Committee of Charleston County who live within the county, and members and retires of the International Longshoreman’s Association – Local #1422, as well as their immediate family members.
Normal operations are expected to continue at the credit union’s main office in Charleston while under NCUA management.
Call report data from NCUA shows CO Federal lost more than $37,000 during the first three quarters of 2020, the most recent data available, compared with earnings of about $81,000 during the same period of 2019.
CO Federal is 2021’s first conservatorship and the first credit union to be taken over by the regulator since
