AUSTELL, Ga. – NCUA said it has liquidated the brand-new Soul Community Federal Credit Union, which was chartered in December of 2024.
The agency said it opted to liquidate the tiny $308,500 Soul Community FCU and discontinue 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.”
The credit union had just 21 members.
Soul Community FCU reported no income on its March 31 5300, with net worth at 99.8%. It also reported no net income for year-end 2024.
At the time it was chartered, NCUA said it would serve people who live, work, worship, or attend school in the city of Austell, a low-income community. Soul Community was given a low-income-designated credit union and could be eligible, based on its field of membership, for the minority depository institution designation.
One Response
When will the credit union media do some actual reporting instead of copying NCUA press releases? Something is definitely up, and it would be interesting to find out why this CU was abruptly closed after six months.