The 2-star DA-rated PEF Federal CU was placed into conservatorship by NCUA on Friday.
From Credit Union Times;
The NCUA on Friday assumed control of service and operations of the $31.1 million PEF Federal Credit Union of Highland Heights, Ohio, according to a release from the federal regulator. Read more
During the conservatorship, the NCUA said it will work to resolve issues affecting the suburban Cleveland institution’s safety and soundness.
According to the 2,974-member credit union’s most recent financial performance reports, the top safety and soundness issue is loan quality. As of March 31, the community-chartered credit union reported 10.59% delinquent loans and 6.17% charge offs.