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Detroit Credit Union Operating In 'Unsafe, Unsound Manner' Shut Down

Greater Christ Baptist Church Credit Union has 396 members

July 31, 2018 - 4:44 pm

DETROIT (WWJ) - The state has closed down a credit union on Detroit's east side.  The director of the Department of Insurance and Financial Services (DIFS), Patrick McPharlin, says the Greater Christ Baptist Church Credit Union, on Iroquois near Mack, was operating in an unsafe and unsound manner. 

A petition by DIFS in the Ingham County Circuit Court sought to place the credit union in receivership. 

The National Credit Union Administration has been appointed to help the nearly 400 members who used the credit union.  The combined assets and deposits of the credit union averages just over $2,700 per member. 

“We remain focused on continuing our efforts to provide oversight of the insurance and financial services industries, including state-chartered credit unions. We work to ensure that the businesses within these industries are safe, sound, and entitled to the public's confidence,” added McPharlin.  

The NCUA's Assistance Center hotline is toll-free at 877-715-0777 -- credit union members may also visit MyCreditUnion  for more information about their insurance coverage.

The center answers calls Monday through Friday between 9 a.m. and 6 p.m.