Municipal is one of two credit unions to be released from conservatorship this year. It's no small feat the last time it happened was in 2016 but the National Credit Union Administration may have a hard time preventing other troubled institutions from being shuttered or acquired.
Municipal Credit Union was first placed into the custody of the National Credit Union Administration in 2019, after its former chief executive was charged with fraud and embezzlement.
A federal jury on Monday convicted a Brooklyn state judge of obstructing the Manhattan U.S. attorney's probe of Kam Wong, the incarcerated former Municipal Credit Union CEO with whom she was friendly while she served on the lender's board.