Do you know that I did not expect to see?
Two credit union failures in the first two full weeks of the year.
Today, the Indianapolis’ Newspaper Federal Credit Union of Indianapolis, IN was placed under conservatorship.
An article at American Banker says that they were shut down for, “Unsafe and unsound practices at Indianapolis’ Newspaper FCU,” though no specifics are given.
It does look like they were attempting something rather speculative, and ultimately unsuccessful, over the past 12 months though.