Nader Moghaddam, president/CEO of Financial Partners Credit Union in Downey, Calif., has been appointed as a director on CU Direct Corp.’s board.
The so-called cleansing theory – that there are too many underperforming or heavily capitalized small or midsize credit unions that need to be merged by larger brethren – is coming in for fresh debate this summer.
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.
The bank lobby took the opportunity Friday to point to a credit union failure as a reason to keep the current MBL cap.
After years of losses from business lending, Telesis Community Credit Union was liquidated Friday and sold to Premier America Credit Union.
The new interim president of Business Partners LLC said the business lending CUSO is on track to continue growing this year.
Conserved California credit union continues five-year string of losses.
Profitable for eighth consecutive year, with new interim president in place.
Many unanswered questions continued to swirl last week over the causes, fate and future course of the conserved $318 million Telesis Community Credit Union.
The $1.3 billion Premier America Credit Union has contracted with the NCUA to manage the assets of the seized $318 million Telesis Community Credit Union. Both credit unions are based in Chatsworth, Calif.