The DFI said Oakland Municipal’s member deposits are safe and the member accounts are federally insured for up to $250,000 per depositor by the National Credit Union Share Insurance Fund, administered by the National Credit Union Administration (NCUA).
The NCUA was appointed the liquidating agent of Oakland Municipal by the DFI. The NCUA has arranged the transfer of Oakland Municipal’s member share accounts to Western Federal Credit Union.
The DFI oversees the secure operation of California’s state-chartered financial institutions. DFI ensures public confidence in financial institutions by protecting the interests of depositors, borrowers, shareholders and consumers through enforcement of state laws.
