JACKSON, Miss.–Citing unsafe and unsound practices, NCUA has placed the $143-million Jackson Area Federal Credit Union into conservatorship. Member services will continue while it works to resolve issues affecting the credit union’s operations, the agency said.
JAFCU’s assets were down considerably as of Q1 from year-end, when it showed $162 million in assets. It posted net income of $135,527 as of March 30, 2026, with net worth of 9.51%. It closed 2025 with net income of $1.232 million and net worth of 9.06%.
The credit union has approximately 15,650 members and serves employees of the City of Jackson, Mississippi, as well as employees and elected or appointed officials of Hinds County, Mississippi. In the early 1990s, the credit union began expanding its field of membership and now serves 38 distinct groups, primarily composed of local government employees, NCUA said.
The Wednesday conservatorship is unusual for NCUA, which typically takes such actions on Fridays.
