news
- February 5, 2019
Taxi medallion loans provide a bumpy ride for several NJ CUs.
Given the services they provide and their structure, credit unions should presumably adhere to stringent regulatory requirements — like banks do — and public disclosure requirements — like nonprofits do — but neither is the case. These substantial regulatory and disclosure gaps shield the credit union industry from proper scrutiny, which is a disservice to all Americans. This is especially problematic for those who support traditional, mission-driven credit unions facing competitive pressures from modern ones pursuing profits.
Taxi medallion loans provide a bumpy ride for several NJ CUs.
The Kentucky Department of Financial Institutions appointed the National Credit Union Administration as liquidating agent of Louisville Metro Police Officers Credit Union of Louisville. – NCUA, June 2018
Mid Oregon Credit Union acquires $21 Million High Desert Bank.
First Community and Citizens Community Credit Union announced their merger to create the dominant North Dakota credit union in 2018. With one wrinkle: One of them had to be seized by the U.S. government prior to the merger. – The Jamestown Sun, December 2017
In December of 2017, the NCUA closed Riverdale Credit Union, whose assets were then immediately acquired by Jefferson Financial Credit Union of Metairie.
SRP Federal Credit Union in North Augusta, South Carolina reached an agreement to acquire Southern Bank in Georgia – a merger that would total the assets of the credit union to $950 million.
Credit unions borrowed 270 times from the Federal Reserve’s Discount Window during the third quarter of 2015. Vermont State Employees Credit Union (Montpelier, VT) visited the Discount Window 13 times.
Anheuser-Busch Employees’ Credit Union and its divisions, American Eagle Credit Union and Purina Credit Union, finalized the purchase of a state-of-the-art corporate headquarters, listed at $10.75 million.
Taxi medallion loans continue to stress the performance of two New Jersey credit unions in the first quarter of 2017. Both credit unions owned credit union service organizations that financed taxi medallions. – Credit Union Watch, May 2017
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