This online only article accompanies the comprehensive looks at the year gone by in the Dec. 21 Year-in-Review print edition of Credit Union Times.
The $8.1 million Vensure Federal Credit Union, the Arizona credit union that at one time made most of its money by processing transactions for Internet poker sites, is no more. The NCUA announced it has liquidated the Mesa-based credit union on July 11, the same day a court case...
The NCUA and Vensure FCU continue to slug it out in court. The NCUA contends Vensure had long questionable history. Vensure counter charged that NCUA conserved it out of embarrassment.
The closing of Vensure FCU raises questions about how NCUA supervised or failed to supervise a federally chartered CU.
Conserved CU booked no loans in 2010, made $1.8 million in fee income and has been linked to an online gambling prosecution.