The NCUA’s Inspector General blamed Telesis Community Credit Union’s former management and board as well the NCUA and California Department of Financial Institutions for the Chatsworth, Calif.-based institution’s failure in a material loss review released March 20.
Business services specialist points at MBL exposure, loan loss allowances, dependence on CUSO revenue, high operating expenses.
OIG says agency should amend capital rules to reflect higher risk in member business loan portfolio.
Quarterly report cites improving economic conditions, "meek lending environment."
Michigan Business Connection LC said the battle shouldn’t spook credit unions in their efforts to aid to small businesses.
The cooperative in Birmingham, Ala., said it closed last year with $527 million in deposits, $341 million in loan volume and assets in excess of $591 million.
Mills said she will stay on until successor confirmed.
Among private companies that are likely to default, those in the construction industry topped the list, according to research firm Sageworks Inc.
A common cause of inappropriate documentation begins with the misinterpretation of business loan regulations.
If a credit union in the Pacific Northwest is hoping to compete with other financial institutions to woo a heavily sought-after executive for its business lending division, be prepared to make at least an $85,000 offer.