LOMTO Federal Credit Union Conserved
Member Deposits Insured up to $250,000, Member Services Uninterrupted
ALEXANDRIA, Va. (June 26, 2017) – The National Credit Union Administration today placed LOMTO Federal Credit Union in Woodside, New York, into conservatorship.
Member deposits at LOMTO Federal Credit Union remain federally insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.
Normal member services at the credit union’s offices at 5024 Queens Boulevard in Woodside and 180 Riverside Boulevard, New York, New York, will continue uninterrupted.
NCUA placed LOMTO Federal Credit Union into conservatorship because of unsafe and unsound practices at the credit union. During the conservatorship, NCUA will work to resolve issues affecting the institution’s safety and soundness while maintaining normal member services.
Members who have questions about the conservatorship may review the LOMTO Federal Credit Union Frequently Asked Questions document attached to this release and available online here. Members with questions about their Share Insurance Fund coverage can find more information in the Share Insurance Coverage section of NCUA’s MyCreditUnion.gov comsumer website.
Chartered in 1936, LOMTO Federal Credit Union serves multiple occupational and associational groups and communities primarily located in New York, New York. LOMTO Federal Credit union has 2,958 members and $236,468,882 in assets, according to the credit union’s most recent Call Report.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of 108 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.
- NCUA -