The world's largest credit union, the $40 billion Navy Federal Credit Union, confirmed last week its interest in acquiring the ailing $634 million USA Federal Credit Union of San Diego.
The seized Western Corporate FCU posted the corporate system's second highest term deposit rates yesterday, offering 0.74% for a two-year certificate.
Since meeting with credit unions and banking groups in North Carolina a year and a half ago, microlending bank Grameen America Inc. has pulled back but not abandoned the idea of pursuing a credit union charter.
NCUA policymakers provided a few more clues into conservatorship procedures in the wake of industry concern over when and how purchase and assumption deals are arranged with bidders for involuntary mergers.
NCUA policy on selection of merger partners for both voluntary and involuntary mergers is coming under harsh new scrutiny this month. The now-completed Utah consolidation is the focal point of both concern and controversy marked
Although there has been little movement since buzz started more than a year ago, micro-lending bank Grameen America Inc. said pursuing a credit union charter is still being considered.
The NCUA today confirmed reports that seized $808 million Arrowhead Central Credit Union laid off 27 employees Friday.
Nearly a month after it was placed into conservatorship by the NCUA, Arrowhead Central Credit Union has been prohibited from accepting any new member business loan applications.
With the NCUA beating the drum even louder lately to increase the member business lending cap, the regulator is still aware of the troubled loan portfolios that have plagued some credit unions.
The Senate last Thursday overcame strong Republican opposition and passed comprehensive regulatory overhaul legislation 60 to 39. All but one of the 58 Senate Democrats supported the measure, and all but three of the chamber's 41 Republicans opposed it.