Before you can raise your credit score you need to know what you are up against. The Iowa Credit Union Division made the decision to take over management of SCICAP Credit Union after determining the credit union was insolvent with no prospect for restoring viable operations on its own. The credit union’s most recent Call Report indicated that the credit union was well capitalized and profitable. At the time of liquidation, SCICAP Credit Union was a federally insured, state-chartered credit union with assets of approximately $2 million that served 858 members, according to the credit union’s most recent Call Report. In other words, there is not any level of federal taxes paid on credit union net income.
The Alabama Credit Union Administration board voted on Thursday to take over Alabama One Credit Union and its $600 million in assets due to financial mismanagement and a number of improprieties involving several key executives and officers. The FOIA was limited meetings or calls with credit union officials from three national credit union trade associations – the Credit Union National Association, the National Association of Federal Credit Unions, and the National Association of State Credit Union Supervisors. This looks like the next avenue that NCUA will use to exclude more credit unions from the statutory MBL cap.
Interestingly, there were 3 calls with credit union officials in the days following her testifying before the House Subcommittee on Financial Institutions and Consumer Credit on July 23. She also had 4 lunches with credit union officials during the first 7 months of 2015. Proceeds from the purchase and assumption transaction will be used to retire the debt of the bank and upon the dissolution of the bank, to return approximately $2 per share to shareholders.
In the August 2015 NCUA Report , Board Member McWatters urges credit union officials to write the National Credit Union Administration (NCUA) about revisiting the agency’s stance regarding a credit union that has a history of primarily making member business loans (MBLs). When Congress in 1998 put in place the statutory cap on member business loans, it provided an exception to credit unions that had a history of primarily making business loans. The passage of the Credit Union Membership Access Act of 1998, a credit union could not take advantage of this exception. The $1.39 million credit union posted a small year-to-date loss as of June 2015.
According to the complaint, Martino alleged that AAFCU’s policies with respect to such accounts violate the anti-offset provisions of the Massachusetts Consumer Credit Cost Disclosure Act (MCCCDA) and the Federal Truth in Lending Act (TILA). The credit union claimed that it has a valid security interest in the depository accounts and is therefore permitted to take funds from the accounts. U.S. District Court Judge Norman Moon ruled that Northern Piedmont FCU (Warrenton, VA) will have first priority in restitution payments ahead of the National Credit Union Administration with respect to a fraudulent loan participation from now defunct Lynrocten Federal Credit Union (Lynchburg, VA).