Credit Union Management

The troubled $851 million Arrowhead Credit Union of San Bernardino, Calif. is selling off five of its branches to the $3.9 billion Alaska USA FCU, it was announced Thursday.

As part of its cost-cutting over the last year, ailing Arrowhead Central Credit Union has cut its staff by a fifth to 400 and has shrunk its loan portfolio "way down" in three areas-autos, home equity and RVs, said Larry Sharp, president/CEO.

It may be difficult for the SEC to pinpoint if the latest round of Ponzi schemes involving retired bus drivers, the elderly and Cuban-Americans were credit union members.

If everything goes according to plan, the East River Development Alliance, a community development organization headquartered in Long Island City, N.Y., will open the first minority-owned credit union in the New York City borough of Queens this April.

Nearly eight years after the $851 million Arrowhead Credit Union bought a firm to bring a plethora of insurance services to its membership, it recently announced that losses and lackluster profits led to the cooperative selling the subsidiary.

Does the latest chapter in a three-year old legal case involving the terminated executive of an insurance CUSO and Texans Credit Union hinge on semantics?