Industry experts say due diligence can help credit unions avoid losses like those suffered by the $620 million Alabama One Credit Union in Tuscaloosa, Ala., and the Small Business Administration, which were defrauded of more than $3 million by a businessman.
Losses like the $3 million case involving the SBA and Alabama One can be avoided, experts say.
A last-minute deal that avoided a federal default spared credit unions from having to re-evaluate U.S. Treasury bond values on their books, a calculation other financial institutions had begun to make.
After almost 10 years covering credit union news, sometimes it seems the same topics come up over and over. Not this week, as new industry issues graced the front page of our paper.
Washington shutdown, risk-based capital, financial advisers all new topics of interest this week.
Fidelity Investments on Wednesday confirmed an NPR report that the investment giant was no longer holding U.S. Treasury notes that mature in October.
ALEXANDRIA, Va.— New board member stresses that repaying debt to Treasury is good for the industry.
This Opinion piece warns to get ready to avoid the damage many credit unions would sustain should bond values swoon.
Court documents from May revealed the Department of Homeland Security seized nearly $3 million from a business account at the $2.4 billion Veridian Credit Union in Waterloo, Iowa, over what the DHS said was an unlicensed money transmitting business operated by the business member’s client.
Citing the timing of cash flows, NCUA Director of Examination and Insurance Larry Fazio answered critics who have questioned the need for future corporate assessments in comments released to the press Aug. 14.