Wednesday, May 26, 2010

Credit Union Merger

We've banked with the Keys Federal Credit Union since coming back to Key West in 2004.  Last year, they fell under the supervision of the National Credit Union Administration for the same kinds of reasons as have affected banks and other credit unions across the country.  The NCUA is the credit union equivalent of the FDIC, the Federal Deposit Insurance Corporation, and has the authority to close a credit union or to force a merger with a stronger one.

Now things have been worked out and the Keys FCU is merged with the Dade County Federal Credit Union.  I wonder how that will benefit us, or whether it will actually harm us?

We'll be watching.

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