The NCUA has taken control of a New York credit union that lost millions as taxi investments lost value with competition from Uber and other ride-sharing apps.
NCUA said on Monday it conserved LOMTO Federal Credit Union in Queens ($256.1 million in assets, 2,910 members) "because of unsafe and unsound practices at the credit union."
The agency did not specify those issues, but LOMTO's call reports with NCUA show its net worth fell into the "undercapitalized" range as of Sept. 30, and has remained there at each quarter's end through March 31.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
