Board member says the opinion provided only “modest support” for a two-tier risk-based net worth system.
NAFCU calls amount “astronomical,” CUNA mum on what it spent on a separate legal opinion on risk-based capital.
The NCUA approved 19 mergers in December, bringing 2014's total number of consolidations to 262, which was considerably higher than the 243 mergers in 2013 and slightly higher than the 258 consolidations in 2012.
The NCUA's risk-based capital rule harms credit unions and members by directing earnings to capital with little benefit to members.
The once financially-troubled credit union in Yuma, Ariz., sees growth in loans and net worth ratio.
Editorial commentary on current issues from CU Times' editorial staff and correspondents.
Three years after conservatorship, the $1.4B cooperative posts $21.7M year-end net income for 2014.
Dennis Fisher of the $7M First Security CU says CUNA, leagues and regulators may have regrets in taxation fight.
Wendy Wall of the defunct Pepsi Cola FCU pleads guilty to embezzling nearly half a million dollars.
Session comes as modifications are set to go into effect Aug. 1.