Texas regulator points to collapse of Texans CU as example of challenges and risks.
LAS VEGAS — NCUA Board Member Gigi Hyland said Wednesday the agency needs more authority in dealing with CUSOs to help prevent credit union failures.
Crippled by mounting commercial loan losses, the $1.6 billion Texans Credit Union was placed in conservatorship on April 15 by the NCUA.
Bankers argued to NCUA that now-conserved Texans CU was in violation of its member business lending cap.
Bankers may have a few holes in their anti-credit union business lending case if they’re looking at Texans Credit Union’s conservatorship.
Agency says business as usual at conserved CU with focus on improving its financial condition for the long term.
The $6.1 billion Security Service FCU said it has not made a bid for the newly conserved $1.6 billion Texans Credit Union.
The NCUA said Friday night that it had placed Texans Credit Union of Richardson into conservatorship.