On May 17, after a year of housecleaning at the Municipal Credit Union in the wake of a multi-million-dollar scandal, state banking regulators abruptly took possession of the credit union and turned it over to the National Credit Union Administration for conservatorship.
The NCUA is chartered by Congress and is the credit union equivalent of the Federal Deposit Insurance Corporation, which regulates the nation’s banking sector and insures the accounts of depositors.
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