NCUA: African Diaspora Federal Credit Union Closes, Liquidated

• The National Credit Union Administration (NCUA) liquidated African Diaspora Federal Credit Union in Saint Ann, Missouri, on August 6, 2026.
• The credit union was deemed insolvent and in violation of numerous federal regulations, including operating in an unsafe and unsound manner.
• Member deposits are federally insured by the National Credit Union Share Insurance Fund to at least $250,000.
• The NCUA's Asset Management and Assistance Center will contact verified share account holders within one week to provide further instructions.
• African Diaspora Federal Credit Union was a federally chartered institution with 183 members and assets totaling $547,479, serving the African Diaspora Council, Inc.

Member deposits are federally insured by the National Credit Union Share Insurance Fund to at least $250,000, ensuring that account holders' funds are protected despite the credit union's closure.

The National Credit Union Administration (NCUA) announced today, August 6, 2026, the liquidation of African Diaspora Federal Credit Union, which was based in Saint Ann, Missouri. This decisive action by the NCUA follows a determination that the credit union was financially unsound, leading to its closure.

As a direct consequence of the liquidation, the NCUA will initiate the process of contacting individuals who hold verified share accounts. The agency's Asset Management and Assistance Center is slated to dispatch correspondence to these members within a week of the liquidation date. This communication will provide essential details regarding their accounts and the next steps in the process.

For members of the African Diaspora Federal Credit Union, it is crucial to note that their deposits are safeguarded. The National Credit Union Share Insurance Fund provides federal insurance coverage for member deposits up to at least $250,000, ensuring that account holders' funds are protected despite the credit union's closure.

The NCUA's decision to liquidate African Diaspora Federal Credit Union was not made lightly, stemming from a comprehensive assessment of its operational and financial health. The primary justification for the closure was the credit union's insolvency, indicating a critical inability to meet its financial obligations.

Beyond insolvency, the NCUA also identified that the credit union was in breach of numerous stipulations outlined in the Federal Credit Union Act and various NCUA Regulations. These violations collectively pointed to the institution operating in an unsafe and unsound manner, posing significant risks to its members and the broader financial system.

The regulatory body's mandate is to ensure the stability and integrity of federally insured credit unions. When an institution like African Diaspora Federal Credit Union is found to be in such severe non-compliance and financial distress, liquidation becomes a necessary measure to protect member assets and maintain public confidence in the credit union system. A formal Liquidation Notice to Creditors of African Diaspora Federal Credit Union has also been issued.

Members of the now-closed African Diaspora Federal Credit Union can rest assured that their deposits are federally insured through the National Credit Union Share Insurance Fund, with coverage extending to at least $250,000 per individual account. The NCUA's Asset Management and Assistance Center is the primary point of contact for account-related inquiries following the liquidation.

Members seeking information about their specific accounts can reach out to the NCUA's Asset Management and Assistance Center directly. Correspondence should be addressed to African Diaspora Federal Credit Union c/o National Credit Union Administration, 10910 Domain Drive, Suite 200, Austin, Texas 78758. For immediate assistance, members may call 1.877.715.0777 or 512.231.7940, or send an email to amacmail@ncua.gov.

For questions specifically concerning their share insurance coverage, members have access to the NCUA's Consumer Assistance Center, available toll-free at 1.800.755.1030. This service operates Monday through Friday, from 8 a.m. to 5 p.m. Eastern Time. Additionally, comprehensive details about Share Insurance Fund coverage and an online Share Insurance Estimator are accessible at any time via the NCUA's consumer website, MyCreditUnion.gov.

African Diaspora Federal Credit Union operated as a federally insured and federally chartered financial institution prior to its liquidation. According to its most recent Call Report, the credit union served a relatively small community, comprising 183 members.

At the time of its last report, the credit union held total assets amounting to $547,479. Its charter specified a particular field of membership, primarily serving individuals associated with the African Diaspora Council, Inc.

The closure of a credit union, regardless of its size, underscores the rigorous oversight maintained by regulatory bodies like the NCUA to ensure the financial health and compliance of all federally insured institutions. The African Diaspora Federal Credit Union's liquidation serves as a reminder of the protections in place for depositors within the credit union system.

Source: Original reporting via NCUA press release