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On July 15, state Senator Bob Duff (D-Norwalk) and Representative Ryan Barry (D-Manchester) asked Commissioner Howard F. Pitkin to provide the Banks Committee with information regarding the solvency of all state-chartered banks and credit unions and of all federally chartered banks and credit unions in operation in Connecticut. Since that request, which has gone unanswered, two credit unions in the state have been liquidated by the National Credit Union Administration. “On July 16, the National Credit Union Administration (NCUA) liquidated the Meriden F. A. Credit Union, an institution in operation since 1954. On July 28, the liquidated the New London Security Federal Credit Union, an institution chartered in 1936 and holding $12.7 million in reported assets at the time of liquidation,” Senator Duff and Representative Barry wrote today. “We feel that it’s imperative that we are fully prepared for these situations.” Their initial request followed the recent collapse and federal takeover of IndyMac Bank in California, the largest savings and loan bank in Los Angeles and the seventh largest mortgage originator in the United States. The lender succumbed to the pressures of tighter credit, falling home prices and rising numbers of foreclosures nationwide. Connecticut currently has the nineteenth highest rate of foreclosures in the country, according to the most recent reports from RealtyTrac, Inc. © Copyright by NorwalkPlus.com. Some articles and pictures posted on our website, as indicated by their bylines, were submitted as press releases and do not necessarily reflect the position and opinion of NorwalkPlus.com, Norwalk Plus magazine, Canaiden LLC or any of its associated entities. Articles may have been edited for brevity and grammar. Related Articles: Danbury's One Book, One Community program to begin October 1 - Sep 23, 2008 - 2:06 PM Job training program available for homeowners facing foreclosure - Sep 23, 2008 - 11:04 AM Shays supports greater oversight and transparency in financial markets - Sep 19, 2008 - 11:13 PM Statewide forums announced to help homeowners with subprime mortgages - Sep 10, 2008 - 2:35 PM Patriot National Bank welcomes Christopher Pellino to its Wilton Center Branch - Sep 5, 2008 - 7:34 PM CURRENT HEADLINES: Top of Page
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