LAS VEGAS — Pointing to the recent losses at Texans Credit Union through its commercial lending CUSO, NCUA Board Member Gigi Hyland said new authority changes are pressing.
Speaking at the National Association Credit Union Service Organizations' annual conference Wednesday in Las Vegas, Hyalnd gave several examples where, if the NCUA had the authority to intervene with CUSOs that had an impact on troubled credit unions, the losses could have been minimized.
For instance, the $1.6 billion Texans Credit Union, through its CUSO, Credit Union Liquidity Services LLC, had $800 million in its commercial lending portfolio. That figure has since dropped to $272 million after the economic downturn.
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