A small federal credit union that was placed into conservatorship in January 2023, and which apparently has a new management team in place, has been returned to the control of its members, its federal regulator said Wednesday.
Valwood Park Federal Credit Union of Carrollton, Texas, was conserved Jan. 20, 2023, by the National Credit Union Administration over what the agency described as “unsafe and unsound” practices.
“The recovery of Valwood Park reflects the extraordinary efforts of its leadership team, staff, and members,” NCUA Chairman Kyle Hauptman was quoted saying in Wednesday’s release. “Working in collaboration with the NCUA, the new management team saved the credit union from failure by enhancing controls and mitigating risks.”
Chartered in 1974, Valwood Park Federal Credit Union has 2,686 members and assets of $25,442,484, according to the credit union’s most recent call report. It serves the communities of Carrollton, Addison, and Farmers Branch, Texas, the agency said.
NCUA Returns Control of Valwood Park Federal Credit Union to Members