Congressman Bennie Thompson Addresses Jackson Area Federal Credit Union Liquidation, Calls for Transparency
Congressman Bennie G. Thompson has responded to the liquidation of the Jackson Area Federal Credit Union (JAFCU), expressing significant concern for its members. The National Credit Union Administration (NCUA) liquidated JAFCU and transferred member share accounts to Five Star Credit Union. According to the NCUA, this transition should occur without interruption in service, and all federally insured accounts remain protected. Congressman Thompson's primary concern is to safeguard members' money and ensure their continued access to accounts. He has stated that his office will maintain engagement with the NCUA to ensure full transparency and accountability regarding the circumstances that led to the liquidation and how members have been affected. JAFCU had served thousands of families, public employees, and community members in Jackson and Hinds County for decades. The liquidation follows a significant decline in JAFCU's assets and a substantial year-to-date loss, as reported by revised June 30 Call Report d...
