Municipal Credit Union

Municipal Credit Union
Credit union
Industry Financial services
Founded 1916
Headquarters New York City, New York, United States
Key people
 Kam Wong, President/CEO
Products Savings; checking; consumer loans; mortgages; credit cards; online banking
Total assets $1.3B USD (2008)
Website nymcu.org

Municipal Credit Union (MCU) is a state chartered credit union headquartered in New York City, regulated under the authority of the National Credit Union Administration (NCUA). MCU is metro New York's largest credit union. As of 2008, MCU had $1.3 billion in assets, approximately 301,000 members, and 13 branches.[1]

History

Municipal Credit Union was founded in 1916 for municipal workers in New York City. John Purroy Mitchel, New York City's Mayor at the time, wanted city employees to have alternatives to loan sharks and encouraged the chartering of the organization.

On November 2, 1977, the New York State Banking Department took over MCU for a brief time, citing loan delinquencies and corruption of Board members.[2]

In 1986, following the collapse of Hyfin Credit Union amidst charges of fraud and embezzlement, Hyfin was merged with Municipal Credit Union.[3]

A computer error in 2001 after the September 11 attacks allowed credit union members to withdraw amounts in excess of their accounts. In the month following the attacks, $15 million was stolen from MCU ATMs by its own members.[4] 118 members were charged in the thefts.[5]

References

  1. ↑ MCU 2008 Annual Report. Municipal Credit Union Official Website. MCU Supports FDNY and NYPD 2009 Hockey game in Nassau County Joseph A Guagliardo of MCU presents check
  2. ↑ Perlmutter, Emanuel. New York State Is Taking Over Municipal Credit Union in the City. New York Times. 3 November 1977.
  3. ↑ Buder, Leonard. 7th Suit to Recover Hyfin Funds Is Filed. New York Times. 18 October 1987.
  4. ↑ Saulny, Susan. Credit Union Says A.T.M. Users Stole Millions After 9/11. New York Times. 6 August 2002.
  5. ↑ Saulny, Susan. 118 Charged in A.T.M. Thefts After 9/11. New York Times. 19 June 2003.

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