New report cites CEO's aggressiveness and risk-taking, compliant board, lax oversight in California credit union failure.
OIG says agency should amend capital rules to reflect higher risk in member business loan portfolio.
More business referrals from a growing roster of clients helped vehicle buying CUSO Autoland Inc. drive $93.2 million in loans to its credit union partners in 2012.
Auto CUSO reports record year.
In 2012, the NCUA reported nearly 1,500 federally insured credit unions had loan participations with total balances of nearly $13 billion.
The NCUSIF has taken an estimated hit of $72 million due to the failure of Telesis Community Credit Union, NCUA Public Affairs Specialist John Fairbanks said Tuesday.
NCUA says $177 million also put into Premier America purchase and assumption deal for failed credit union's leftovers.
The list is long on 2012 news and actions emanating from the NCUA: CUSO loan participations rules, an easier op-in process for low income credit union designation, a 6.1% increase in the agency’s budget for the next fiscal year and the October departure of Gigi Hyland.
A week after super storm Sandy slammed into the East Coast, New Jersey Gov. Chris Christie looked ahead to preparations for a nor’easter that was due to dump snow and rain on the already reeling Northeast.
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.