PORTLAND, Ore. — When a loan officer was arrested and charged with participating in a business loan kickback scheme that ultimately led to AEA Federal Credit Union's conservatorship in December 2010, the cooperative's outcome looked bleak.
Fast forward to Aug. 2, when the NCUA reported that the Arizona-based credit union is on the road to recovery with its provision for loan losses expenses down 68% and year-to-date net income of $2.2 million.
Elizabeth Whitehead, NCUA Region V director, said "positive progress in business loan delinquency and recoveries" are among the primary contributors to AEA's restoration.
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