The National Credit Union Administration announced Friday that it has placed Louisville Metro Police Officers Credit Union into conservatorship in order to allow the credit union to “continue regular operations with experienced management in place and to correct operational weaknesses.”
While continuing normal member services, NCUA said it will work to resolve issues affecting the credit union’s safety and soundness.
Based in Louisville, Ky., Louisville Metro Police Officers CU has about $29 million in assets and about 3,600 members. The credit union posted net income of about $511,000 in 2016, up from about $265,000 the previous year.
NCUA said that member deposits at Louisville Metro Police Officers CU remain protected by the National Credit Union Share Insurance Fund, which is administered by NCUA and insures individual accounts up to $250,000.
The agency also said credit union members should experience no interruption in services at the credit union’s main office located at 900 West Market Street, Suite 100, Louisville, and at its branch location.