Important Information About Conservatorship of WESCORP Federal Credit Union

To Our Members,

You may have read in the press that two large corporate credit unions were taken over by the National Credit Union Administration (NCUA), a department of the federal government, on Friday March 20th. These two credit unions (U.S. Central Federal Credit Union, Lenexa, KS and WesCorp Federal Credit Union, San Dimas, CA) are not regular credit unions like ours that serve consumers; they provide liquidity, investment and payments services to credit unions like ours. These two “corporate” credit unions were placed into conservatorship, which means they are still operating normally but the NCUA is operating them.

For those of you who may have seen the news reports, we wanted to put your mind at ease; LA Financial Federal Credit Union remains safe, strong and secure. LA Financial has adequate capital reserves and your funds remain federally insured up to $250,000 per account ownership by the National Credit Union Share Insurance Fund and backed by the full faith and credit of the U.S. Government, just as the FDIC does for bank deposits. No credit union member has ever lost a dime of federally insured funds.

What does all this mean for members of our credit union? It’s business as usual. Your deposits in LA Financial Federal Credit Union are safe, secure and strong. The same level of quality service you receive from our credit union will continue. Our service to you is not affected by these government actions.

Credit unions have been serving members in the U.S. for 100 years, through good times and bad. We are well positioned to remain strong.

To help answer any questions members may have about your credit union, this situation and your insured deposits, we have created this special web area and a special hotline phone number (626) 204-6796 (Monday – Friday 9 a.m. – 4 p.m.).