NCUA official seal NCUA official seal. (Source: NCUA)

The road that led to the involuntary liquidation of the $2.4 million Community Owned Federal Credit Union in Charleston, S.C., announced Friday evening by the NCUA began in February 2019.

At that time, Vincent Terry met with COFCU claiming he was a licensed broker and underwriter of real estate mortgages for sale to the secondary market, that he owned a licensed company to underwrite or broker mortgages, that another company had agreed to purchase “all of such loans” and that COFCU’s initial funding of those loans would be fully reimbursed, resulting in negligible financial risk for the credit union.

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