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.
Seizure of California credit union puts focus on career of Grace Mayo, CEO and industry leader.
The U.S. Treasury Department's Community Development Capital Initiative drew a charge of political tampering last week from an economist who has often been critical of programs related to the Troubled Asset Relief Program.
The National Federation of Community Development Credit Unions has defended a Treasury program from charges that politics played a role in how it distributed money to CDCUs.
A professor of finance who has specialized in studying the Troubled Asset Relief Program has alleged political influence played a role in deciding which credit unions received funds under a U.S. Treasury Department program.