December 14, 2022
The City of Richmond has been made aware of the current conservatorship of the Richmond City Employees Federal Credit Union (RCEFCU). This is an unfortunate situation.
The City Administration has no oversight or management of the Credit Union, which is a separate and distinct entity from the City Administration and, therefore, the City is not a part of the process.
The City of Richmond does provide a lease to the Board of Directors of the RCEFC to provide a space within the Municipal Building to do business and allow access to employees.
The lease between the Richmond City Employees Federal Credit Union and the City of Richmond is set to expire in January 2023. This lease renewal was under review when the City of Richmond was notified of the conservatorship. As a result, we do not feel that a new long-term lease with the RCEFCU is tenable. However, we do not want to impede the National Credit Union Administration’s (NCUA) work. Therefore, we will proceed with a month-to-month lease and consult with NCUA as we move forward.
It is our hope the NCUA and RCEFCU Board of Directors can come to a resolution to keep this service available to our employees.
Any questions regarding this matter should be directed to Jayma Bright, Interim CEO at the Employee Credit Union at (765) 983-7228.
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