As many as 30 credit unions in West Virginia and Ohio have been scrambling to establish new correspondent vendors after a regional and national bank terminated their accounts over the past few weeks.
Huntington, JPMorgan Chase closed accounts at up to 30 West Virginia, Ohio credit unions, their corporates say.
NAFCU last week announced it had named Martin Breland, president/CEO of Tower Federal Credit Union, as Region II director on the NAFCU board of directors. Breland replaces retiring board member Charlie Thomas, who stepped down after his resignation as a member of the board of Mid-Atlantic Federal Credit Union.
Martin Breland, president/CEO of the $2.5 billion Tower FCU in Laurel, Md., has been named Region II director on the NAFCU board of directors.
The NCUA announced today it has served 18 former U.S. Central FCU directors and officers with demand letters, alleging their breach of fiduciary duty contributed to the failed corporate's losses.
Corporate America Credit Union's case against U.S. Central Federal Credit Union's former directors and executives is going to court. U.S. District Court Judge Inge P. Johnson filed the order March 25, setting a Dec. 6 trial date in Birmingham, Ala.