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...
In a courtroom in the U.S. District Court for the District of Columbia last week, the NCUA tried to convince a federal judge to let it continue conserving Vensure Federal Credit Union.
The NCUA is trying to convince a federal judge that it should be allowed to continue conserving Vensure FCU.
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.
Regulators are often the center of attention, but lately the NCUA has taken the spotlight. Unfortunately for the agency, it’s been low-hanging fruit.
Vensure Federal Credit Union has a date in court, May 11, with the NCUA for the agency to show why its conservatorship should go forward.
The closing of Vensure FCU raises questions about how NCUA supervised or failed to supervise a federally chartered CU.
Arizona CU says it had disclosed relationship with Internet gambling payments processor, was in process of growing traditional services.
Conserved CU booked no loans in 2010, made $1.8 million in fee income and has been linked to an online gambling prosecution.