This preview from next week's print edition focuses on the challenge faced by Business Partners LLC following the Telesis collapse.
Three credit unions form managing partner group to lead ownership of member business lending CUSO.
The California Department of Financial Institutions liquidated the $301 million Telesis Community Credit Union of Chatsworth, Calif., June 1 and appointed the NCUA as liquidating agent. The $1.3 billion Premier America Credit Union of Chatsworth, Calif., which had been managing Telesis since mid-April, purchased and assumed Telesis’ members, deposits, core...
Many unanswered questions continued to swirl last week over the causes, fate and future course of the conserved $318 million Telesis Community Credit Union.
The $1.3 billion Premier America Credit Union has contracted with the NCUA to manage the assets of the seized $318 million Telesis Community Credit Union. Both credit unions are based in Chatsworth, Calif.
The credit union industry is in full-court press over a possible vote in the Senate to expand member business lending. Congress’ spring break could have allowed credit unions a lobbying breather had it not been for Senate Majority Leader Harry Reid’s promise for a vote on the member business lending...
The timing of criticism toward a regulatory proposal to limit loan participations to a certain percentage of a credit union’s net worth with the takeover of a California cooperative heavily steeped in the transactions may have created an ironic overlap.
Since at least 2010, Telesis Community Credit Union’s member business loan program has been in a downward spiral.
After years on a regulatory watch list, NCUA and the California Department of Financial Institutions finally pulled the plug last week on the $318 million Telesis Community Credit Union, placing the Los Angeles-based credit union into conservatorship. The NCUA was appointed conservator, ending a troubled saga.