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.
Despite ongoing federal court proceedings addressing its actions, the NCUA has moved forward with the liquidation of the $780,000 Kappa Alpha Psi Federal Credit Union.
Despite a $5 billion retained members' deficit, Western Corporate FCU posted the corporate system's second highest term deposit rates Aug. 9, offering 0.74% for a two-year certificate.
The NCUA liquidated KAPFCU despite an ongoing court battle in order to protect the assets of the CU's members, the agency said.