Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
NCUA says Telesis could cost NCUSIF $72M
WASHINGTON (1/10/13)--The mid-2012 liquidation of Telesis Community CU could create an estimated $72 million in National Credit Union Share Insurance Fund (NCUSIF) losses, according to the National Credit Union Administration (NCUA).

The Chatsworth, Calif. credit union had 37,600 members and held $301.3 million in assets, core facilities, and consumer loans when it was liquidated by the NCUA last June. The California Department of Financial Institutions took Telesis into conservatorship in March 2012. The conservatorship resulted from "many problems," including problems tied to a low net worth ratio, negative returns on average assets, high loan delinquencies and charge-offs, high operating expenses, and many foreclosed and repossessed assets, the NCUA said last year. The California economy also affected the credit union.

Premier America CU of Chatsworth, Calif., assumed the assets and members once held by Telesis in a purchase and assumption deal that was completed after the Telesis liquidation.

Since the start of the financial crisis, four times the number of banks than credit unions have failed.


RSS





print
News Now LiveWire
.@TransUnion: #millennials climbing into driver's seat with loans http://t.co/S4H9OIB3Av
1 hour ago
Breaking at #NewsNow: @CUNA backed bill introduced by @RepEdRoyce @GregoryMeeks would raise MBL cap. #CUSmallBiz http://t.co/ZDAb2UMoQz
2 hours ago
Loan growth at federally insured #creditunions in 2014 climbed to highest level since 2005, @TheNCUA reported today. Watch News Now Tues.
2 hours ago
.@Bankrate's top #creditunion survey hits @TIME http://t.co/xcMer497TN
3 hours ago
.@fileneresearch IDs 5 challenges for #women in #creditunion leadership http://t.co/GAYbw2dcCl
4 hours ago