05/19/2014

Health One CU of Mich. is conserved

ALEXANDRIA, Va. (5/19/14)--The Michigan Department of Insurance and Financial Services recently detected unsafe and unsound practices at Detroit-based Health One CU and placed the state-chartered, federally insured credit union into conservatorship and named the National Credit Union Administration as agent to handle the credit union's day-to-day operations.

The state and federal regulators will work together to resolve issues affecting the credit union's safety and soundness while continuing normal credit union services to members.

Health One has 3,882 members and assets of $18.2 million, according to the credit union's March 31  Call Report. It was chartered in 1957 and serves those living in Macomb, Oakland, Washtenaw and Wayne counties in Michigan, as well as other select groups. The credit union also operates a branch in Cleveland, Ohio.

The NCUA has provided Health One members with an online frequently asked questions document that addresses conservatorship issues. Use the resource link to access the FAQs.