The US National Credit Union Administration (NCUA) liquidated Soul Community Federal Credit Union in Austell, Georgia, and discontinued its operations after determining the credit union was insolvent and in violation of numerous provisions of the Federal Credit Union Act and NCUA Rules and Regulations, including operating in an unsafe and unsound manner. NCUA emphasised that member deposits are federally insured by the National Credit Union Share Insurance Fund to at least USD 250,000. NCUA’s Asset Management and Assistance Center will issue correspondence within one week to individuals holding verified credit union share accounts. The credit union, chartered in 2024, primarily served persons who live, work, worship, study, and participate in programs, associations and businesses in Austell, Georgia.
National Credit Union Administration 2025-06-20
US National Credit Union Administration liquidates Soul Community Federal Credit Union after determining it was insolvent and operating unsafely
The US National Credit Union Administration (NCUA) liquidated Soul Community Federal Credit Union in Austell, Georgia, due to insolvency and violations of the Federal Credit Union Act and NCUA regulations. Member deposits are insured by the National Credit Union Share Insurance Fund up to USD 250,000. NCUA's Asset Management and Assistance Center will contact account holders within a week.