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Who let the Inglewood employees credit union FAIL

city of inglewoodOn Friday, March 16, 2013, federal regulators shut down Inglewood based I.C.E. Federal Credit Union.  Many of the City of Inglewood employees were off on furlough, thanks to a 4-0 vote back in 2010, and found out through the news the credit union was being dissolved.  Question is, how does a credit union fail when the cities payroll department deposits the funds through direct deposit?

The NCUA shut down the $3.4 million-asset I.C.E. Federal Credit Union of Inglewood, Calif., also after deciding it was insolvent and couldn’t restore itself to viability. It had 942 members.

Members with questions may call a toll-free assistance number, (800) 755-1030, Monday through Friday between 5 a.m. and 2 p.m. Pacific time. A website, MyCreditUnion.gov, also provides information about insurance coverage.  Pepsi Cola Credit Union located in Buena Park was also closed due to insolvency.

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