In a consent order, the NCUA last week barred Richard Koenig, the former chairman of Central States Mortgage Corp., a bankrupt Milwaukee CUSO and ex-CEO of the $144 million Prime Financial CU of Cudahy, Wis., from further industry activities.
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.
At times, the mortgage program at Las Vegas-based Nevada Federal Credit Union has felt like an oasis of stability in the middle of a real estate market that has swung wildly from one extreme to another.
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?
Reg restructuring is not quite law yet but essentially a foregone conclusion. Time to quit whining over the loss of interchange fee income and figure out what to do about it. Face your new reality.
Reaching inside the credit union movement following the tenure of a prominent outsider, CUNA last week named California-Nevada Credit Union League President Bill Cheney as its new leader.
The management of Cal State 9 Credit Union made "poor strategic decisions" and lacked the experience to understand the risks of subprime lending and its HELOC program, while NCUA examiners failed to recognize the risks and take corrective action.
The management of Cal State 9 Credit Union made "poor strategic decisions," and lacked the experience to understand the risks of subprime lending and its HELOC program while NCUA examiners failed to recognize the risks and take corrective action.
Jim Warren evidently believes that a favorite maxim of athletic coaches applies to financial services as well as sports: There is no I in team.
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