On November 15, 2022, the National Credit Union Administration Board (“NCUA”) placed Mingo County Education Federal Credit Union (“MCEFCU”), into involuntary liquidation and appointed itself Liquidating Agent. This move comes five (5) weeks after the NCUA placed the MCEFCU in conservatorship because of “unsafe and unsound” business practices. At the time of liquidation, the MCEFCU held approximately 2.7 million dollars in financial assets.
Because the MCEFCU was involuntarily liquidated, there are certain filing requirements participants must meet to pursue a claim for liquidate monies. Participants must file a proof of claim to receive monies owed to them. Specifically, claims can be made via US Mail, email, or fax at the following contact information:
4807 Spicewood Springs Road, Suite 5100
Austin, Texas 78759
Fax 512.231.7920
Phone 512.231.7900
Claims filed after February 23, 2023, will be untimely. Claims not submitted, or submitted untimely, waive all rights with respect to the claim. The link to the claims form can be found here: https://www.ncua.gov/files/publications/conservatorships/proof-claim-form.pdf.
Claims are paid in a priority status as dictated by law. The priority payments link can be found here: https://www.ecfr.gov/current/title-12/chapter-VII/subchapter-A/part-709/section-709.5. You can appeal the outcome of your proof of claim filing depending on the outcome. Information pertaining to the appeal can be found here: https://www.ecfr.gov/current/title-12/chapter-VII/subchapter-A/part-709/section-709.7.
If you have any questions, you should contact the attorneys at Ferrell & Brown, PLLC immediately at 304.235.5674. Joshua S. Ferrell and Nathan D. Brown stand ready to help you. The consultation is free.
