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.
Business services specialist points at MBL exposure, loan loss allowances, dependence on CUSO revenue, high operating expenses.
In 2012, the NCUA reported nearly 1,500 federally insured credit unions had loan participations with total balances of nearly $13 billion.
The NCUA filed suit late last month against David Addison, former CEO of Texans Credit Union, accusing him of breach of fiduciary duty and gross negligence that led to the $1.4 billion credit union’s April 2011 conservatorship.
CNBS LLC says David Addison is one of several partners in holding company that bought 51% stake.
Suit alleges misconduct, bad investments led to credit union's $16 million in losses.
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.
Delaware firm adds Illinois credit union to its list of targets.
In Texas, it’s no secret that going big is the likely way to go in the Lone Star state.
A resort and spa that still owed $21 million to Texans Credit Union has new ownership.