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The State Flag of Texas. The State Flag of Texas. (Source: Adobe Stock)

Although the Texas Credit Union Department said conservatorship for the $106 million Edinburg Teachers Credit Union was necessary to protect the public interest, the regulator cited no specific reason – not even the usual unsafe or unsound practices – for taking over the credit union.

The Texas regulator appointed the NCUA as the conservator to the Edinburg, Texas-based credit union. The announcement from the independent federal agency that it was appointed conservator was released shortly before 6 p.m. EST on Friday.

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Peter Strozniak

 

Credit Union Times

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