In 2012, the NCUA reported nearly 1,500 federally insured credit unions had loan participations with total balances of nearly $13 billion.
A loan participation suit filed two years ago against the defunct Eastern Financial Florida Credit Union to recoup millions in losses will not include Space Coast Credit Union, a federal court recently ruled.
Federal court says not enough merit to proceed in case over participation loan losses.
At one point, the high-flying commercial lending CUSO formed through Eastern Financial Florida Credit Union funded more than $200 million in business loans and served dozens of credit unions nationwide.
Senior management is the among the first casualties at Sperry Associates Federal Credit Union as the cooperative attempts to correct a number of troubled capital, operational and lending issues recently ordered by the NCUA.
Three months after Sperry Associates Federal Credit Union signed a letter of understanding and agreement with the NCUA to repair troubles within its loan program,
The website and phone number for CU Business Capital LLC, which was owned by Eastern Financial Florida Credit Union, are both inoperable in light of a loan participation lawsuit.