Nearly a month after it was placed into conservatorship by the NCUA, Arrowhead Central Credit Union has been prohibited from accepting any new member business loan applications.
"While Arrowhead is in conservatorship, NCUA has determined this line of business is not in the best interest of members and does not make sense for the credit union," said John McKechnie, NCUA director of congressional and public affairs.
The $876 million Arrowhead in San Bernardino, Calif., will continue to process any pending applications and will continue to service MBLs, SBA loans and credit cards currently in place, McKechnie said.
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