KANSAS CITY, Mo.― With its net worth in a negative position, NCUA has placed the $2.6-million WeDevelopment Federal Credit Union (FCU) in Kansas City, Mo., into conservatorship.
The agency, which said services will continue while it works to resolve issues affecting the credit union’s operations, said the conservatorship is the result of unsafe and unsound practices at the credit union.
The credit union, which was chartered in 2022, has approximately 933 members and one office.
WeDevelopment FCU posted a $254,876 for the first quarter, with capital at -7.29%.
