CD Rates And Availability

Thanks to this invaluable website, and the reviewers, I knew enough to call Montauk CU to find out if they were accepting new deposits in CD's, before driving 150 miles (each way) to apply for membership, which must be done in person. As of 10/23/12, they were not. The woman with whom I spoke politely informed me that their Board (of Directors, I believe) meets the end of the month (each month, if I recall correctly), and decides then whether or not to accept new deposits. She suggested I call back after November 1st to check again then.                      It would be helpful if the credit union made the situation clear on its website, preferably above the interest rate section, which states "rates in effect as of 09/20/2012". Of course, it also states that rates are "subject to change without notice", so it's always advisable to call to confirm rates, as this website suggests.                                     

Question: Does anyone know what "Under supervision of the NY State Banking Dept." means? That line is right under the credit union's name on its website. Does it mean they were in financial difficulty and the state stepped in to supervise them, or is that a stock phrase which any state-chartered CU might use?

Thanks to all who provided information.