The NCUA has been working behind the scenes to divest the former Telesis Community Credit Union's roughly $4 million stake in Autoland.
During the first quarter, vehicle buying CUSO Autoland Inc. reported a 16% sales increase over the same period last year.
The California Department of Financial Institutions liquidated the $301 million Telesis Community Credit Union of Chatsworth, Calif., June 1 and appointed the NCUA as liquidating agent. The $1.3 billion Premier America Credit Union of Chatsworth, Calif., which had been managing Telesis since mid-April, purchased and assumed Telesis’ members, deposits, core...
Vehicle buying CUSO Autoland Inc. said its first quarter earnings included a 16% sales increase over the same period last year.
The NCUA has retained the liquidated Telesis Community Credit Union’s CUSO shares, an agency spokesman said, but he did not know its future plans.
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.
Since at least 2010, Telesis Community Credit Union’s member business loan program has been in a downward spiral.
The NCUA has clarified that Autoland Inc., the auto buying CUSO co-owned by Telesis Community Credit Union, will continue to operate.
Business Partners LLC, the CUSO founded by Telesis Community Credit Union in the early 1990s, will continue originating and servicing loans, the NCUA said Monday.
Seizure of California credit union puts focus on career of Grace Mayo, CEO and industry leader.