Still suffering from the bite of losing all their Western Corporate FCU capital in 2009, credit unions report they are still capital shy when it comes to replacing corporate services.
WesCorp members seek new home for services, shy from staking new capital. Get the story in next week's print edition today in this print preview.
Most credit union leaders decline comment on order against failed corporate leaders but some criticism emerges.
Many unanswered questions continued to swirl last week over the causes, fate and future course of the conserved $318 million Telesis Community Credit Union.
Amount not disclosed, but Patelco pledges support.
In a complicated ruling last week, Judge George Wu opened a door that had seemed closed, by agreeing to allow cases against WesCorp's outside directors to proceed.
In a complicated ruling Monday, Judge George Wu opened a door that had seemed closed by agreeing to allow cases against WesCorp outside directors to proceed.
Yesterday in U.S. District Court, the NCUA lost its motion to "substitute in as plaintiff" entirely for seven mid-sized credit unions that sued Western Corporate FCU directors and employees.
The decision regarding whether or not the NCUA will take over as plaintiff in the Western Corporate FCU negligence suit will likely be finalized on Monday, July 12.
In his letter to the editor (March 24 issue), SAFE Credit Union CEO Henry Wirz suggested that Glendale Area Schools FCU and six other credit unions had plenty of other options rather than to file suit against the WesCorp directors.