The $1.3 billion Premier America Credit Union has contracted with the NCUA to manage the assets of the seized $318 million Telesis Community Credit Union. Both credit unions are based in Chatsworth, Calif.

The federally insured, state-regulated Telesis was seized March 23 by the California Department of Financial Institutions, which then passed conservatorship authority to the NCUA. The conservatorship put a damper on industry efforts to lobby Congress to lift the credit union member business lending cap, as Telesis failed due in part due to bad business loans. Banking lobbyists jumped at the opportunity to hold Telesis and the previously seized Texans Credit Union, which counts $60 million in subordinated debt as its only form of net worth, as examples of why business lending is too risky for credit unions.

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Peter Westerman


Credit Union Times

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