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.
BOSTON — NCUA Chairman Debbie Matz made the announcement during her general session address at NAFCU’s 46th Annual Convention in Boston.
“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.
Six months after Business Partners LLC, the member lending subsidiary founded by the failed Telesis Community Credit Union, changed owners, the CUSO is starting to emerge from a bleak and dark fog.
Reduction in overhead costs cited as largest contributor to CUSO's recent performance post-Telesis.
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.
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.
Business services specialist points at MBL exposure, loan loss allowances, dependence on CUSO revenue, high operating expenses.