Credit union serving LMPD officers shut down, liquidated during federal fraud investigation
LOUISVILLE, KY (WAVE) - The Louisville Metro Police Officers Credit Union has been shut down amidst a federal fraud investigation.
All $20 million in assets were liquidated by the National Credit Union Administration (NCUA).
The 3,349 members of the credit union are now members of the Commonwealth Credit Union, which also took over all shares, loans, and other assets. Members shouldn't experience any pause in their bank service.
An investigation determined the Louisville Metro Police Officers Credit Union was insolvent and "had no prospect for restoring viable operations," according to a release from the NCUA.
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The NCUA insures individual accounts up to $250,000.
Members of the LMPD union are now part of the Commonwealth Credit Union -- they'll experience no service interruption.
Those with questions should call the Commonwealth Credit Union at 502-564-4775 or 800-228-6420. People can find insurance information by clicking or tapping here.
WAVE 3 News broke the story when officers started reporting fraudulent loans were being made in their names. The credit union served officers and their immediate families. Dozens of officers were affected by the alleged fraud.
The FBI took over the fraud investigation in December of 2017. It is ongoing.
A lawsuit has been filed against the Louisville Metro Police Officers Credit Union.
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