Municipal Credit Union

“The governing body is currently made up of four representatives from the ncua. There are two examiners and two regional directors.”

“The credit union is comprised of approximately 590,850 member owners, each of which has equal rights. To become a member of municipal credit union, a person must be elected to membership, paid for one or more shares, paid entrance fees as provided for in the by-laws and must be employed (a) in the city government of the city of new york, or (b) in the government of any of the counties within the territorial limits of the city of new york, or (c) in the board of education of the city of new york, or (d) in the board of higher education, or (e) in the new york city health and hospitals corporation, or (f) in the new york city housing authority, or (g) in any similar authority now or hereafter organized and existing pursuant to the public authorities law, laws 1939, chapter 870, or acts amendatory thereof, where said authority has jurisdiction solely of functions within any or all of the five counties within the territorial limits of the city of new york, or (h) in any agency operating within in the greater new york city metropolitan area and which is, at least in part, funded by the city of new york, the state of new york, or one of the agencies, subdivisions or departments thereof, or (i) by any individual, employer, agency, partnership, corporation, or other entity with which the credit union maintained a payroll deduction type relationship as of april 10, 1986, or (j) by or in any hospital, nursing home, health facility, and their affiliates, either private or public, located in the state of new york, or (k) by insurance companies who offer health related insurance in the state of new york, or (l) by the federal government provided such employee works within the territorial limits of the city of new york, or (m) by companies that produce and/or supply hospitals in the state of new york with medical and other type health care products, or (n) by private colleges located in the city of new york and private and public colleges in the counties of nassau, suffolk, westchester, or (o) by aramark corporation at nyack hospital in nyack, new york, or (p) employees of the city of yonkers, new york, or (q) by the city of mt. Vernon, new york, or (r) kawasaki rail car, inc., or (s) municipal credit union, or (t) as cemetery workers working within the city of new york, or (u) as social workers and counselors at private centers and not-for-profit shelters located in the city of new york, or (v) by the archdiocese of new york and brooklyn, or (w) as taxi dispatchers for airports in the city of new york, or (x) as aircraft fuelers and maintenance workers in the city of new york, or (y) by st. Peter's church in yonkers, new york, or (z) any association of such employees. The following additional persons may become members: (1) all students enrolled in: (a) a college, university, school, or institution, in the city university of new york (cuny) education system; or (b) st. John's university (attending campuses located in new york state); (2) all members of st. Peter's church in yonkers, new york; (3) any association of employees which are principally comprised of individuals who are eligible for membership; (4) an officer or employee of the state of new york employed in the city of new york; (5) any other credit union organized under the laws of the state of new york. Membership is not terminated by cessation of employment. All members must maintain at least one share on deposit. Membership is also permitted for the following people pursuant to n.y. Banking law 451-a: (1) the family members of persons within the field of membership. "family member" means a person related by blood, marriage or living in the same household with a person within the field of membership and their lineal ancestors and descendants including persons so related by adoption, siblings, stepparents, stepchildren and stepsiblings; and "household" means persons living in the same residence and maintaining a single economic unit; or (2) any employee of the credit union; or (”

“Election of members to the board of directors and the supervisory committee takes place at the annual meeting. Members become eligible for election to the board of directors or the supervisory committee after completing one year of membership. The credit union informs the membership not less than 10 days and not more than 45 days prior to the annual meeting of the names of all the candidates and the office for which they are nominated. Elections are held by closed ballot.”

“The form 990 is prepared by an outside accounting firm and reviewed by the evp. Once the form 990 is reviewed by the evp, the board reviews and approves. A complete copy of the final form 990 (including all required schedules) as ultimately filed with the irs is provided to the full board.”

“All employees are covered by the conflict of interest policy, as well as the acting board. Conflicts of interest are reviewed by the chairman of the board and transactions or requests are either approved or denied. Persons with conflicts recuse themselves from participating in the governing body's deliberations and decisions in the transaction.”

“The credit union did have a written whistleblower policy in place that was revised during 2018. Additionally, the credit union took the appropriate steps to establish a written policy in 2019 to encourage personnel to, in good faith, report any action or suspected action taken by or within the credit union that is illegal, fraudulent, or in violation of any credit union policy.”

“The credit union revised its compensation review process in 2019 to include an independent compensation evaluator to review all positions and compensation going forward, this includes reviewing comparable data for reasonableness. The review and decisions will be contemporaneously substantiated.”

“Financial statements are available on the website. Other documents are available upon request.”

“Board of trustees administration: on june 22, 2018, pursuant to sections 14(1)(p), 36(1) and 39(5) of the new york banking law, the superintendent of financial services of the state of new york appointed an administrator to oversee the general management of the affairs, funds, and books and records of municipal credit union. On may 17, 2019, the department of financial services (dfs) conserved the credit union and appointed ncua as agent of the conservator. As conservator, the ncua board will possess and exercise the authority to carry out all necessary actions to conserve the assets of the credit union. The ncua released mcu from conservatorship on february 23, 2022.”

“Change in pension benefit assets: $(2,527,683).”