Many unanswered questions continued to swirl last week over the causes, fate and future course of the conserved $318 million Telesis Community Credit Union.
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.
I think that Newt Gingrich may be right about credit unions being government-sponsored enterprises. Consultant Dennis Dollar and others have criticized the presidential candidate and former speaker of the House for describing credit unions as GSEs.
Credit Union Times recently published my letter [Oct. 12, page 30] where I argued that interfering with any credit union’s internal governance is an ugly business and is not proper behavior for a trade association.
There would appear to be disproportionate anguish in some credit union circles about the recent announcement that Technology Credit Union is considering changing its charter to that of a mutual savings bank.
Credit unions and their trade groups appear to be voicing support for the NCUA plan to allow credit unions to prepay some of the cost of the bailout of corporate credit unions.
Even if the NCUA is not disclosing comments made by credit unions and interested parties regarding its corporate assessment prepayment plan, First Entertainment Credit Union CEO Charles Bruen was not at all shy about sharing his letter addressed to NCUA Board Secretary Mary Rupp with the press.
The industry debate over the propriety of the public campaigns of small, deeply troubled inner city credit unions to raise capital among other CUs and the citizenry has generated lively and sometimes strident rhetoric.
For the Federal Reserve employees who are diligently reviewing comment letters regarding the proposed regulation on interchange, it might have seemed like they were living in the movie Groundhog Day.