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.
At a time when credit unions were treading lightly, Telesis Community Credit Union was considered by some to be an early leader in the commercial lending space.
Seizure of California credit union puts focus on career of Grace Mayo, CEO and industry leader.
The NCUA said Friday night it has assumed conservatorship of Telesis Community Credit Union in California and liquidated Saguache County Credit Union in Moffat, Colo.
Payment to David Maus at $1.1 billion Public Service Employees CU in Denver represented retirement payout, credit union says.
The Golden State’s credit unions may be nearing the end of their long journey to recovery. According to the California and Nevada Credit Union Leagues, California CUs made progress in 2011 in the areas of net income, net worth ratios, membership growth and loan performance.
Twenty years ago Marla Shepard was interviewed by Credit Union Times for an article (CU Times, May 7, 1990) on the challenges and struggles of female CEOs in the credit union industry.