By the 1990s, the lending landscape in South San Francisco had changed considerably since a group of teachers came together in 1954 to charter a new credit union for access to small, personal loans.
The NCUA’s Inspector General blamed Telesis Community Credit Union’s former management and board as well the NCUA and California Department of Financial Institutions for the Chatsworth, Calif.-based institution’s failure in a material loss review released March 20.
New report cites CEO's aggressiveness and risk-taking, compliant board, lax oversight in California credit union failure.
When a litany of loan and management problems led to the demise of Telesis Community Credit Union earlier this year, the business lending CUSO it founded 17 years ago likely knew it would inherit a perception problem within the industry.
This preview from next week's print edition focuses on the challenge faced by Business Partners LLC following the Telesis collapse.
The new interim president of Business Partners LLC said the business lending CUSO is on track to continue growing this year.
Profitable for eighth consecutive year, with new interim president in place.
Since at least 2010, Telesis Community Credit Union’s member business loan program has been in a downward spiral.
At a time when credit unions were treading lightly, Telesis Community Credit Union was considered by some to be an early leader in the commercial lending space.
An online marketplace that connects financial institutions looking to purchase loans with those who are selling loans is the premise behind BP Connect, a new venture from Business Partners LLC, a business lending CUSO.