While it’s been a little over a year since Telesis Community Credit Union went under conservatorship, credit unions may find there are still more lessons to learn from the cooperative’s collapse.
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.
New report cites CEO's aggressiveness and risk-taking, compliant board, lax oversight in California credit union failure.
OIG says agency should amend capital rules to reflect higher risk in member business loan portfolio.
The NCUSIF has taken an estimated hit of $72 million due to the failure of Telesis Community Credit Union, NCUA Public Affairs Specialist John Fairbanks said Tuesday.
Reports will now be delivered as PDFs via secure email.
NCUA says $177 million also put into Premier America purchase and assumption deal for failed credit union's leftovers.
ESL Federal Credit Union, Rochester, N.Y. announced the addition of John Cirella as business banking relationship manager. In his new position, Cirella will be responsible for identifying, developing and managing business banking relationships in the Greater Rochester area.
A week after super storm Sandy slammed into the East Coast, New Jersey Gov. Chris Christie looked ahead to preparations for a nor’easter that was due to dump snow and rain on the already reeling Northeast.