Denied its NCUA application to convert to a federal charter in a contentious case, the $654 million Vantage CU of Bridgeton, Mo., may take its complaint to federal court.
The CUSOs owned by the three corporate credit unions placed in conservatorship Sept. 24 remain open for business today.
Charles Furbee, who retired from the Federal Reserve Bank of Chicago in March 2004, has been named CEO of the conserved Members United Corporate FCU.
It's been nearly eight months now since plans for the nation's biggest credit union merger, the $4.6 billion consolidation of First Tech CU and Addison Avenue FCU, was unveiled--and there is still no word on any regulatory approval.
NCUA today confirmed that it has sought bids on $800 million worth of securities backed by U.S. Central FCU and Western Corporate FCU investments.
The $41 billion Navy Federal Credit Union announced Sept. 13 it will merge the $605 million United Services of America FCU of San Diego, which fell to 2.76% net worth as of June 30.
The NCUA's contentious denial last week of a federal conversion charter sought by the $654 million Vantage Credit Union of Bridgeton, Mo., could soon head to a federal court, it was disclosed Monday.
The NCUA-rejected sale of the $600 million United Services of America FCU's South Korean and Japanese branches was worth as much as $30 million, California Credit Union League Interim CEO Dave Chatfield said.
The NCUA Board will miss its self-imposed deadline for a corporate restructuring rule and legacy assets plan at its September board meeting.
Former Continental Federal Credit Union president/CEO Tom Glatt Sr. voluntarily surrendered the keys to a 4,000-square-foot Sedona, Ariz., desert estate and in the process walked out on a nearly $1 million mortgage loan from his former employer.