The National Credit Union Administration shuttered Paducah Teachers Federal Credit Union in Kentucky after it was declared insolvent with no chance for recovery.
Empire Financial Federal Credit Union had been placed into conservatorship by the National Credit Union Administration in May because of “unsafe and unsound practices.” Another credit union has assumed its assets and deposits.
Failures and forced consolidation among smaller institutions could accelerate in 2022 and 2023 once the federal stimulus programs that have propped up the economy run their course, experts predict.
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