LOMTO Federal Credit Union Placed Into Conservatorship

alan1 | Jul 1, 2017 | 880 posts since 2015

The NCUA placed LOMTO into conservatorship. LOMTO is a New York City institution tied to the taxi industry.

https://www.ncua.gov/newsroom/Pages/news-2017-june-lomto-federal-credit-union-conserved.aspx

Credit Union Times article at http://www.cutimes.com/2017/06/27/taxi-loans-lead-to-lomto-conservatorship

hank | Jul 14, 2017 | 110 posts since 2016

and Melrose is still in conservatorship. I don't know what the ncua will do. Melrose is a pretty large credit union. And it surprises me that they still offer among the best rates while they are in conservatorship

me1004 | Jul 14, 2017 | 1,381 posts since 2010

I haven't heard of Melrose in conservatorship. I'm in Melrose, no one has notified of that, and no hint of it at their Website. I do know there has been worry it would go into conservatorship, but I don't think it has yet.

And their rates aren't anything to get excited about, what are you talking about. The savings rate is only 0.5% APY. The 1-year CD is 1.41% APY, and 2 year at 1.56% APY. The CDs would be competitive, but nothing to write home about.

TheBombingRange | Jul 14, 2017 | 104 posts since 2017

https://www.depositaccounts.com/blog/2017/02/melrose-credit-union-conservatorship-ncua.html

Not really sure they would want to blatently advertise that they are under NCUA control if they are trying to boost deposits and save themselves.

hank | Jul 14, 2017 | 110 posts since 2016

FIve year cd is 2.42, there are very few higher

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