Claiming it is being made a scapegoat, a Hollywood, Calif. credit union, the $83 million Musicians’ Interguild, is wrangling with regulators this week over how to treat modifications on real estate loans written as interest-only and now deemed delinquent on Call Reports.
Southern California Postal CU of Long Beach takes over; both CUs covered by American Share Insurance.
Hurry up and wait. That’s what credit union leaders and compensation experts are doing as they await the final rules from the NCUA and other regulators on incentive-based compensation.
Acting at the NCUA's behest, the $1.5 billion Western Federal Credit Union of Hawthorne, Calif. was the successful bidder last week to merge the failed $90 million Oakland Municipal Credit Union.
Marking its first merger in three years, the $1.7 billion Redwood Credit Union of Santa Rosa, Calif. is taking over the ailing $90 million Cal State Central CU effective April 1.
The California Department of Financial Institutions reached an agreement with FoolProof, the Florida consumer advocacy initiative, to start offering financial literacy curriculum across the state.
Western Federal Credit Union, having merged this week the failed $88 million Oakland Municipal CU, remains on the lookout for future municipal-based CUs in California "that fit our business model," its top management said.
California Real Estate Commissioner Jeff Davi warned the state's financial institutions in a fraud alert that his department has noticed a sharp increase in short-sale fraud.
June 30 call reports for the $808 million Arrowhead Central CU, released late yesterday by the NCUA, reveal the institution was running at a $1.45 million loss shortly after its June 25 conservatorship.
Credit unions and other financial institutions that foreclose on property in the city of Los Angeles will now have to make sure the foreclosed property is maintained while in foreclosure.