Department of Financial Institutions assumes regulatory authority
FRANKFORT, Ky. (Dec. 30, 2014) — The Department of Financial Institutions (DFI) today announced that, effective on Wednesday Members Heritage Credit Union Inc.—formerly Members Heritage Federal Credit Union—will switch to a state charter. Members Heritage becomes the 24th credit union under DFI’s supervision.
“Members Heritage will continue to be examined once a year, but will now benefit from our local decision-making process and our knowledge of local economic conditions,” said Kevin Maguire, branch manager of DFI Credit Union. “In addition to DFI’s regulatory input, the credit union will still be examined jointly with federal regulators. Also, switching to a state charter allows Members Heritage to have a wider field of membership.”
DFI now assumes regulatory authority, which includes conducting examinations approximately every 12 to 15 months. The National Credit Union Administration continues to insure Members Heritage deposits, and each depositor is insured up to $250,000.
Members Heritage has more than 45,000 members and total assets of $348 million.