Agency gets full-time voice.
NCUA spokesman confirms meeting cancellation was to delay release of rule so more work could be done. CUSO lawyer, NACUSO CEO approve.
The California Department of Financial Institutions liquidated the $301 million Telesis Community Credit Union of Chatsworth, Calif., June 1 and appointed the NCUA as liquidating agent. The $1.3 billion Premier America Credit Union of Chatsworth, Calif., which had been managing Telesis since mid-April, purchased and assumed Telesis’ members, deposits, core...
The NCUA has retained the liquidated Telesis Community Credit Union’s CUSO shares, an agency spokesman said, but he did not know its future plans.
Credit unions holding out hope the NCUA will extend the corporate share guarantee beyond Dec. 31 should start making other plans.
Government Accountability Office verifies NCUA’s projected loss estimates for corporate credit union legacy assets, says agency met its recommendations.
JPMorgan Chase’s $2 billion failed credit risk hedge is different than the investments that led to the corporate credit union crisis. However, there are also similarities, according to industry investment experts. Specifically, overleveraging and a drive for income that compromised risk management.
An NCUA Office of Inspector General’s investigative report revealed that the federal regulator questions the safety and soundness of the $25 billion State Employees’ Credit Union, the nation’s second largest.
Two former CEOs have been banned from working again for corporates but are allowed to work elsewhere in the industry.
CEO Jim Blaine said nation's second-largest credit union is sound and that SECU "can't get a straight answer" from federal regulators.