Edinburg Teachers Credit Union under conservatorship

3 months 1 week 15 hours ago Wednesday, April 28 2021 Apr 28, 2021 April 28, 2021 8:04 AM April 28, 2021 in News - Local

A credit union in Edinburg has been under federal control for a month now.

An elementary school teacher in Edinburg was surprised when she found out the Edinburg Teachers Credit Union was being investigated.

Marsha González said she found out about it on Facebook. “I was a little concerned, like, ‘Oh, is my money secure?’” González said. “Of course, it is secure.”

The credit union, where González has her savings, has been under a conservatorship with the federal government since March 26. That means the credit union regulator in Texas appointed the National Credit Union Administration to control the Edinburg Teachers Credit Union in order to protect the public’s interest.

“They did let me know that everything is going on,” González said. “Normal operations, not to worry, our money is ensured.”

Channel 5 News visited two properties under the credit union's president's name Jeffrey Moats, but we weren't able to find him at any of those locations.

Channel 5 News also spoke to a credit union employee over the phone and visited their main office in Edinburg and were told the credit union still operates with uninterrupted service.

But employees would not say if Jeffrey Moats or the board of directors were still leading the credit union.

The lobby was closed to the public and full of boxes, with customer service only through the drive-thru.

The credit union's official website shows they have no president or board of directors.

The state regulator's press release makes no mention of the president or the board, neither does the federal regulator's Q&A on the credit union.

The credit union's tax returns from 2019, published by the Credit Union Times, shows Jeffrey Moats made $1,611,821 for a credit union that shows four people on its staff, according to the credit union's website.

If you have questions about the conservatorship on the Edinburg Teachers Credit Union, you can call 259-3511.

More News

7 Days