Receiver to Rescue Failing Credit Union

Governments are getting involved left and right to bail out tanking businesses and Connecticut certainly is not immune – especially when it’s a state-chartered business that handles other people’s money. 

The Connecticut Department of Banking has gone to court to get a receiver to run the troubled, state-chartered West Hartford Credit Union.

The 58-year-old credit union is in danger of imminent failure, said State Attorney General Richard Blumenthal.

His office obtained a court order on Friday to appoint The National Credit Union Administration to act as receiver of the West Hartford Credit Union.

The NCUA will liquidate the credit union and investigate what led to its being on the brink of failure.

The credit union has $2.9 million in assets and 1,206 members.

All deposits should be protected and insured by the National Credit Union Share Insurance Fund, Blumenthal said.

Copyright AP - Associated Press
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