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Merchant Bank
FINANCIAL | Retail Banking
unfcu.org

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Partners & Customers

6

About UNFCU Financial Services

UNFCU Financial Services is a wholly owned subsidiary and a credit union service organization (CUSO) of the United Nations Federal Credit Union, (UNFCU). The company offers a range of flexible savings, loan, investment and insurance products, as well as advisory services and a focus on corporate social responsibility/sustainable development.

UNFCU Financial Services Headquarter Location

Court Square Place 24-01 44th Road

Long Island City, New York, 11101,

United States

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UNFCU Financial Services Web Traffic

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Page Views per Million (PVPM)
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UNFCU Financial Services Rank

Latest UNFCU Financial Services News

Lloyd's of London underwriters hit with fine for unlicensed programme

Nov 29, 2017

A total of $1.47 million in fines – that’s what parties including Tokio Marine Kiln Syndicates Limited and Beazley Furlonge Limited have agreed to pay for their participation in the sale of insurance that the New York State Department of Financial Services (DFS) described as not having met the city’s standards. DFS revealed that it has entered into a consent order with certain underwriters at Lloyd’s of London, New York-licensed insurance agent and broker Clements & Company, and the United Nations Federal Credit Union (UNFCU) for offering, marketing, and underwriting an unlicensed credit and debit card-based life insurance programme for UNFCU members. “Underwriters – Lloyd’s syndicates numbered 0308 and 3622 – are underwriting members of Lloyd’s that are managed by managing agents Tokio Marine Kiln Syndicates Limited and Beazley Furlonge Limited, respectively,” read the consent order. “Underwriters are not authorised to sell life insurance in New York.”  According to DFS, the programme offered guaranteed-issue term life insurance to members of UNFCU in over 210 countries and territories. At least 4,300 policies were sold, more than 800 of which were to members whose listed primary location is the abovementioned city. “DFS is taking this action to ensure that consumers receive the unparalleled protections provided by New York insurance law,” said Financial Services Superintendent Maria Vullo. “This case is emblematic of how licensing and regulatory oversight is necessary to protect consumers from improper schemes.” The regulator said the insurance offered and sold to UNFCU members did not meet New York standards for policies sold by insurers approved by DFS. The policies not only failed to provide for the mandatory conversion privilege, the rates were also not sufficient to support the programme, as required by New York insurance law. To bring the unsustainable programme – which DFS said had been running at a severe loss prior to the settlement – into compliance and ensure coverage, the parties have been tasked to transfer the business over to Monitor Life Insurance Company of New York. “We appreciate that these companies have now committed to maintaining coverage for UN employees and alumni, and are especially pleased that DFS licensee, Monitor Life Insurance Company of New York, has stepped up to take on these policies,” said Vullo. Related stories:

UNFCU Financial Services Acquisitions

1 Acquisition

UNFCU Financial Services acquired 1 company. Their latest acquisition was Industrial Coverage Corp on January 31, 2013.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

1/31/2013

Acquired

1

Date

1/31/2013

Investment Stage

Companies

Valuation

Total Funding

Note

Acquired

Sources

1

UNFCU Financial Services Partners & Customers

6 Partners and customers

UNFCU Financial Services has 6 strategic partners and customers. UNFCU Financial Services recently partnered with Thunes on July 7, 2020.

Date

Type

Business Partner

Country

News Snippet

Sources

7/16/2020

Partner

Thunes

Singapore

United Nations Federal Credit Union Partners with Thunes

SINGAPORE , July 16 , 2020 / PRNewswire / -- United Nations has partnered with Thunes , a leading cross-border payments network .

4

6/20/2018

Partner

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10

2/1/2016

Vendor

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10

7/6/2004

Vendor

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10

7/6/2004

Vendor

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10

Date

7/16/2020

6/20/2018

2/1/2016

7/6/2004

7/6/2004

Type

Partner

Partner

Vendor

Vendor

Vendor

Business Partner

Thunes

Country

Singapore

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News Snippet

United Nations Federal Credit Union Partners with Thunes

SINGAPORE , July 16 , 2020 / PRNewswire / -- United Nations has partnered with Thunes , a leading cross-border payments network .

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Sources

4

10

10

10

10

UNFCU Financial Services Team

3 Team Members

UNFCU Financial Services has 3 team members, including current Chief Marketing Officer, Faye Fardshisheh.

Name

Work History

Title

Status

Faye Fardshisheh

Chief Marketing Officer

Current

Stephen Ryerson

Chief Executive Officer

Former

Christopher Sullivan

Chief Investment Officer

Former

Name

Faye Fardshisheh

Stephen Ryerson

Christopher Sullivan

Work History

Title

Chief Marketing Officer

Chief Executive Officer

Chief Investment Officer

Status

Current

Former

Former

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