NCUA Liquidates African Diaspora FCU, Just Over Year After Granting Charter
By CU Today Staff —
SAINT ANN, Mo.—NCUA Thursday liquidated tiny African Diaspora FCU here, citing insolvency and numerous violations of the Federal Credit Union Act and NCUA regulations, including operating in an unsafe and unsound manner.
The credit union reported 183 members and $547,479 in assets in its most recent Call Report.
The liquidation comes just over a year after the NCUA granted the institution a federal charter. In May 2025, NCUA Chairman Kyle Hauptman said the new credit union reflected the industry's long-standing role in expanding access to financial services, congratulating the organizers and NCUA staff who guided the chartering process. The credit union was established to serve members of the African Diaspora Council, Inc.
At the time of its charter approval, Hauptman said, “Credit unions have been the answer to financial inclusion for more than 90 years. It’s appropriate that a community organization dedicated to self-help, self-determination, and promoting financial security would establish a new federal credit union. Congratulations to the organizers who took this important step and thank you to the NCUA staff who guided them through the chartering process.”
The liquidation underscores the challenges facing newly chartered institutions as they work to build sustainable operations, capital and compliance programs. African Diaspora Federal Credit Union was among the few new federal credit unions chartered in 2025 before its operations were terminated by the agency less than 15 months later.
Originally reported by CU Today.