9 May 2013

Large number of members of CNMI's Credit Union keen to exit scheme

11:07 am on 9 May 2013

A large number of members of the Commonwealth Government Employees Credit Union in the Northern Marianas are now reportedly wanting to terminate their membership with the organization.

The Press secretary Angel Demapan has told the Saipan Tribune about 300 members have pending requests to withdraw their contributions from the union.

Once these refunds are released, these government employees will no longer be connected with the union and can't avail of any of its benefits.

The credit union is a member-owned, nonprofit cooperative financial institution where members pool their savings, lend them to one another, and own the organization where they save, borrow, and obtain related financial services.

Since last year, most of its members have applied for refunds and are waiting for the release of their monies.

Withdrawals were earlier suspended by the union board pending the completion of an audit, after it was discovered the organization had not been audited since 2008.