California Department of Financial Institutions Orders Closure and Liquidation of Oakland Municipal Credit Union
(San Francisco, CA) The California Department of Financial Institutions (DFI) today announced that Oakland Municipal Credit Union (Oakland Municipal) was closed and ordered to be liquidated, citing inadequate capital. Oakland Municipal is a federally insured, state-chartered credit union based in Oakland.
Oakland Municipal’s member deposits are safe. Member accounts are federally insured for up to $250,000 per depositor by the National Credit Union Share Insurance Fund, administered by the National Credit Union Administration (NCUA).
The NCUA was appointed the liquidating agent of Oakland Municipal by the DFI. The NCUA has arranged the transfer of Oakland Municipal’s member share accounts to Western Federal Credit Union. The NCUA’s press release regarding its appointment as liquidating agent will be available on their website at www.ncua.gov.
California’s financial institutions are symbols of safety and soundness. Maintaining the integrity of financial services remains the primary mission of the DFI. The DFI oversees the secure operation of California’s state-chartered financial institutions. DFI ensures public confidence in financial institutions by protecting the interests of depositors, borrowers, shareholders and consumers through enforcement of state laws. In addition to posting information about the Department and its licensees, DFI’s website features consumer tips on a variety of financial topics and consumer brochures in seven languages.
The DFI reports to Traci Stevens, Acting Undersecretary of the Business, Transportation and Housing Agency and Governor Edmund G. Brown Jr.