By the 1990s, the lending landscape in South San Francisco had changed considerably since a group of teachers came together in 1954 to charter a new credit union for access to small, personal loans.
The NCUA’s Inspector General blamed Telesis Community Credit Union’s former management and board as well the NCUA and California Department of Financial Institutions for the Chatsworth, Calif.-based institution’s failure in a material loss review released March 20.
New report cites CEO's aggressiveness and risk-taking, compliant board, lax oversight in California credit union failure.
NCUA mum on possible litigation
Call CEO pay the credit union governance hot potato. “This is certainly an increasingly hot topic,” said attorney Michael Lozoff, chair of the credit union practice at Shutts and Bowen in Miami.
Trade publications are criticized by some as cheerleaders for their respective industries. They’re captives of the advertisers. Credit Union Times was founded in 1990 to provide unbiased news coverage the industry was lacking. We work incredibly hard to keep it that way, reporting the good and the bad.
Print advertisement next to article about same company in May 23 edition was unintentional but opportunity to explain how things work at Credit Union Times.
A lot of the scuttlebutt around the industry over the last couple of weeks has been about transparency and fiscal responsibility. Take for instance, the NCUA’s announcement that it’s cutting back on spending for its examiner education conference in Florida.
A lot of the scuttlebutt around the industry over the last couple of weeks has been about transparency and fiscal responsibility.