Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Colorado regulators issue cease orders vs. two CUs
DENVER (6/18/09)--The Colorado State Commissioner of Financial Services issued cease-and-desist orders against two state-chartered credit unions--Longs Peak CU, Loveland, and Saguache County CU, Crestone. Net losses for the year ending Dec. 31 have lowered Longs Peak CU’s net worth by about $1.2 million. This is the fourth year in the past five that the credit union has suffered a net loss, Commissioner Chris R. Myklebust said in the order. The credit union cannot operate after July 31 without developing an achievable operating budget. Saguache County CU’s net worth fell to 6.40% as of March 31. National Credit Union Administration guidelines require credit unions to keep a threshold of at least 7%. The credit union’s operating expenses-to-average assets ratio is 4.65% as of March 31, without accounting for the effects of corporate credit union stabilization-related expenses. Saguache County CU's other-real-estate-owned (OREO) report indicated that it has 14 real estate loans with a value of $1.3 million and a revised appraisal value of $1.1 million. It also has seven problem loans that could result in $40,000 in write offs. The credit union also has $4.6 million, or 23% of its loan portfolio, in subprime loans. Saguache County CU cannot operate after June 30 without developing a capital restoration plan. It also cannot make additional loans to members with credit scores of 650 or less and must sell OREO property.


RSS print
News Now LiveWire
July issue of @TheNCUA Report is now available at: http://t.co/UD8EP3vr2E.
55 minutes ago
The Hill reports frmr Rep. Barney Frank will defend Dodd-Frank Act tomorrow at House Fin Serv hearing on impact 4 yrs after enactment.
1 hours ago
.@pressrepublican lauds @DannemoraFCU for shred fest: 'truly important in this era of identity theft' http://t.co/hnJUBO1iSR
1 hours ago
Consumers stashing #cash in checking accounts: Moebs #NewsNow http://t.co/WPaPkzHufK
1 hours ago
.@CUANYtweets hiking the Hill today with young #creditunion professionals http://t.co/9xgH2Aw2OM
2 hours ago