Regulatory & Compliance

The SBA has appointed Esther Vassar as its new national ombudsman replacing Nick Owens, who previously served as NCUA external affairs director and special assistant to former NCUA Chairman JoAnn Johnson.

The SEC has filed a complaint against an unlicensed California savings and loan association that is also registered as a credit union in Sweden for the sale of $9 million in allegedly fake securities.

The $648 million American First Credit, headquartered in La Habra, Calif., has made more than $14 million in loans to members to help them restructure existing mortgage loans in the face of possible delinquency.

League of Southeastern Credit Unions President/CEO Patrick LaPine and Alabama Credit Union Administrator T. Glenn Latham confirmed that the Mutual Savings CU Board and CEO have filed an injunction to block the conservatorship.

The NCUA announced today that it had closed down Community One FCU of Las Vegas and its assets and shares were purchased by America First FCU.

The League of Southeastern Credit Unions is off to a controversial start, after President/CEO Patrick LaPine fired off an Aug. 4 letter to his board members questioning the Alabama regulator's July 31 conservatorship of Mutual Savings Credit Union.