The $8.1 million Vensure Federal Credit Union, the Arizona credit union that at one time made most of its money by processing transactions for Internet poker sites, is no more. The NCUA announced it has liquidated the Mesa-based credit union on July 11, the same day a court case...
Arizona credit union tied to Internet gambling operation, sued to stop NCUA conservatorship.
In a courtroom in the U.S. District Court for the District of Columbia last week, the NCUA tried to convince a federal judge to let it continue conserving Vensure Federal Credit Union.
The NCUA is trying to convince a federal judge that it should be allowed to continue conserving Vensure FCU.
Vensure Federal Credit Union has sued the NCUA in federal court to prevent the agency from taking control of its operations.
Vensure Federal Credit Union has a date in court, May 11, with the NCUA for the agency to show why its conservatorship should go forward.
The closing of Vensure FCU raises questions about how NCUA supervised or failed to supervise a federally chartered CU.
Arizona CU says it had disclosed relationship with Internet gambling payments processor, was in process of growing traditional services.