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.
The California Department of Financial Institutions announced an increased assessment for credit unions this year, according to the regulator's monthly bulletin, released Friday.
As of today, a California credit union merger now occupies a spot on the to-do list of Barry Jolette, the chairman of the World Council of Credit Unions.
The management of Cal State 9 Credit Union made "poor strategic decisions" and lacked the experience to understand the risks of subprime lending and its HELOC program, while NCUA examiners failed to recognize the risks and take corrective action.
The $73 million Self Help Federal Credit Union, the California based credit union that is an affiliate of the $350 million Self Help Credit Union in North Carolina, grew even larger after taking over another California credit union at the behest of NCUA.