More than a year after co-parent Telesis Community Credit Union’s financial woes pushed it into conservatorship, auto buying CUSO Autoland Inc. said it is looking forward to a fresh start.
“This allows us to stay in the credit union family as a CUSO, with a strong strategic credit union as the majority owner."
Purchase ends CUSO's management by NCUA since failure of Telesis Community Credit Union.
By the 1990s, the lending landscape in South San Francisco had changed considerably since a group of teachers came together in 1954 to charter a new credit union for access to small, personal loans.
While it’s been a little over a year since Telesis Community Credit Union went under conservatorship, credit unions may find there are still more lessons to learn from the cooperative’s collapse.
Business services specialist points at MBL exposure, loan loss allowances, dependence on CUSO revenue, high operating expenses.
A week after super storm Sandy slammed into the East Coast, New Jersey Gov. Chris Christie looked ahead to preparations for a nor’easter that was due to dump snow and rain on the already reeling Northeast.
The NCUA announced on April 2 that it has contracted with the $1.3 billion Premier America Credit Union to manage the assets of the $318 million Telesis Community Credit Union during Telesis’s conservatorship. Both credit unions are based in Chatsworth, Calif.
Disasters and missteps are just some of the highlights in this early look at our Year in Review print issue out next week.
A year ago, unemployment was 14% around the Inland Empire in California, much higher than the national average.