A Clever Lottery Scan And How To Avoid It (2)

Credit UnionA checking account allows you to write checks to other people or companies, deposit or cash checks that people or companies write to you, and they allow you to pay bills by electronic withdrawal. It is obvious that CUNA is hoping that Matz will recant from her heresy that credit unions do not necessarily represent the interests of their members. But I need to remind CUNA, just because a credit union is member-owned; it does not mean that management’s interest is aligned with the interest of the owners. The National Credit Union Administration (NCUA) reported that the number of problem credit unions fell by 7 to 251 credit unions during the second quarter of 2015. During the second quarter, both total shares (deposits) and assets in problem credit unions fell. Shares in problem credit unions declined by approximately $100 million to $10.2 billion.

According to NCUA, 1.09 percent of total insured shares and 1 percent of industry assets are in problem credit unions. NCUA reported that problem credit unions with at least $1 billion in assets fell from 2 at the end of the first quarter to 1 at the end of the second quarter. However, the number of problem credit unions with between $500 million and $1 billion in assets rose by 1 to 4. He also pointed out that NCUA’s longstanding effort to dilute credit union membership requirements makes a mockery of the statutory cap on member business loans. During the quarter, 58 credit unions borrowed an aggregate amount of almost $141 million from the discount window.Credit Union

The National Credit Union Administration announced that 15 credit unions were fined for filing their call reports late for the first quarter of 2015. In an effort to evade potential scrutiny, Murgio obtained beneficial control of a New Jersey-based federal credit union which served primarily low-income local residents. Murgio then installed Lebedev and others on the credit union’s Board of Directors, and transferred ‘s banking operations to the credit union, which Murgio, Lebedev and other co-conspirators operated, at least until early 2015, as a captive bank for their unlawful business. Teachers Credit Union purchased Lakeside’s loan portfolio and assumed its former members.

At that time, after discovering that substantial payment processing activity was being conducted through the credit union, the National Credit Union Administration forced the credit union to cease engaging in such activity. The Federal Reserve recently released information regarding credit union discount window borrowings from the second quarter of 2013. The National Credit Union Administration (NCUA) on Thursday liquidated Lakeside Federal Credit Union of Hammond, Indiana.

Lakeside Federal Credit Union served 2,280 members and had assets of approximately $8.9 million, according to the credit union’s most recent Call Report. NCUA on Friday announced that Teachers Credit Union of South Bend, Indiana, has completed the purchase and assumption of Lakeside Federal Credit Union of Hammond, Indiana. I suspect that credit unions will wave the use of personal guarantees for the best commercial borrowers.

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