Auto buying service CUSO Autoland Inc. embarked on a new path when it was purchased by Mission Federal Credit Union’s CUSO in July.
An auto loan portfolio worth $463 million and vehicle lending as a core product for over 50 years were factors that put Mission Federal Credit Union ahead of the pack during the bidding process for Autoland Inc.
This preview from next week's print edition takes an in-depth look at Mission FCU's acquisition of the Autoland CUSO.
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.
Purchase ends CUSO's management by NCUA since failure of Telesis Community Credit Union.
The NCUA’s Inspector General blamed Telesis Community Credit Union’s former management and board as well the NCUA and California Department of Financial Institutions for the Chatsworth, Calif.-based institution’s failure in a material loss review released March 20.
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.
Conserved California credit union continues five-year string of losses.
Many unanswered questions continued to swirl last week over the causes, fate and future course of the conserved $318 million Telesis Community Credit Union.
After years on a regulatory watch list, NCUA and the California Department of Financial Institutions finally pulled the plug last week on the $318 million Telesis Community Credit Union, placing the Los Angeles-based credit union into conservatorship. The NCUA was appointed conservator, ending a troubled saga.