Municipal Credit Union
Encyclopedia
Municipal Credit Union is a state chartered credit union
headquartered in New York City
, regulated under the authority of the National Credit Union Administration
(NCUA). MCU is metro New York's largest credit union. As of 2008, MCU had $1.3 billion in assets, approximately 301,000 members, and 13 branches.
, New York City's Mayor at the time, wanted city employees to have alternatives to loan shark
s and encouraged the chartering of the organization.
On November 2, 1977, the New York State Banking Department took over MCU for a brief time, citing loan delinquencies and corruption of Board members.
In 1986, following the collapse of Hyfin Credit Union amidst charges of fraud and embezzlement, Hyfin was merged with Municipal Credit Union.
A computer error in 2001 after the September 11 attacks allowed credit union members to withdraw amounts in excess of their accounts. In the month following the attacks, $15 million was stolen from MCU ATMs by its own members. 118 members were charged in the thefts.
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
headquartered in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, regulated under the authority of the National Credit Union Administration
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
(NCUA). MCU is metro New York's largest credit union. As of 2008, MCU had $1.3 billion in assets, approximately 301,000 members, and 13 branches.
History
Municipal Credit Union was founded in 1916 for municipal workers in New York City. John Purroy MitchelJohn Purroy Mitchel
John Purroy Mitchel was the mayor of New York from 1914 to 1917. At age 34 he was the second-youngest ever; he is sometimes referred to as "The Boy Mayor of New York." Mayor Mitchel is remembered for his short career as leader of Reform politics in New York, as well as for his early death as an...
, New York City's Mayor at the time, wanted city employees to have alternatives to loan shark
Loan shark
A loan shark is a person or body that offers unsecured loans at illegally high interest rates to individuals, often enforcing repayment by blackmail or threats of violence....
s and encouraged the chartering of the organization.
On November 2, 1977, the New York State Banking Department took over MCU for a brief time, citing loan delinquencies and corruption of Board members.
In 1986, following the collapse of Hyfin Credit Union amidst charges of fraud and embezzlement, Hyfin was merged with Municipal Credit Union.
A computer error in 2001 after the September 11 attacks allowed credit union members to withdraw amounts in excess of their accounts. In the month following the attacks, $15 million was stolen from MCU ATMs by its own members. 118 members were charged in the thefts.