The NCUA served 18 former executives and directors of U.S. Central with demand letters, alleging their breach of fiduciary duty contributed to the conserved corporate's losses.
A New York group is organizing to protect future growth and assist managers on compliance and balance sheet worries for continued viability of faith-based credit unions.
Can the NCUA back the effort underway to increase the member business lending cap while at the same time help spot and aid troubled loan portfolios?
The $876 million Arrowhead Credit Union can continue to process pending member business loan applications but not accept new ones, the NCUA said.
The controversy over whether or not the NCUA was justified when it seized the $876 Arrowhead Credit Union
Yesterday's financial services regulatory overhaul deal to force banks to fund the FDIC's return from a 1.15% equity ratio to 1.35% has the American Bankers Association asking what about the NCUSIF.
NCUA Director of Congressional and Public Affairs John McKechnie dropped a bombshell in response to criticism that the agency acted too swiftly in its June 25 conservatorship of the $876 million Arrowhead Credit Union: Arrowhead fudged its March numbers.
NCUA Spokesman John McKechnie said Dave Shelter, deputy director for the Office of Corporate Credit Unions, was only speaking hypothetically when he described how the agency would liquidate U.S. Central FCU and Western Corporate FCU.
NCUA Director of Congressional and Public Affairs John McKechnie said the agency's decision to place Arrowhead Central Credit Union executives on paid leave, rather than dismiss them, is not unusual, particularly while the NCUA is reviewing operations.
The $876 million Arrowhead Central Credit Union was seized this afternoon by the NCUA and placed into conservatorship.