Bristol Credit Union is your community bank, helping local people borrow and save at fair rates. In my opinion, Salt Lake County should have been struck from both charters at the time America First became a multiple common bond credit union. According to CNN Money , the Public Finance Corporation’s bonds are held by the island’s credit unions and their members and other investors. A Credit Union in the United States is generally defined as a Co-op between members.
While it is unclear how much of the Public Finance Corporation’s debt is held by the island’s credit union, the Public Finance Corporation has borrowed about $1 billion. Given that this debt is severely impaired, credit unions should be writing down this asset to reflect market values. Update: CU Today is reporting that the National Credit Union Administration issued a statement saying that credit union exposure to these Puerto Rican bonds is minimal and do not pose a material risk to the National Credit Union Share Insurance Fund.
In an op ed appearing in The Hill , the president and CEO of the Credit Union National Association (CUNA), Jim Nussle, defended the National Credit Union Administration (NCUA) as a prudent regulator. The Fourth Corner Credit Union (TFCCU), a Colorado credit union chartered to serve the cannabis industry, on July 30 sued the National Credit Union Administration (NCUA) in U.S. District Court in Denver for not approving its application for federal deposit (share) insurance. The new open design facility of the $1.6 billion credit union features a three-story atrium and a living wall.
The lawsuit alleges that The College Network owes the credit union more than $12 million and that The College Network is insolvent and trying to shield assets from creditors. According to the lawsuit, the credit union has had a business relationship with The College Network since 2003 and holds about $35 million in loans taken out by about 10,000 of the college test preparation company’s nationwide customers. Credit unions accounted for a little over 9 percent of all mortgage originations.
NCUA made the decision to liquidate SWC and discontinue its operations after determining the credit union was unable to restore viable operations. SWC Credit Union had 309 members and assets of $1.9 million, according to the credit union’s most recent Call Report. SWC is the sixth federally insured credit union liquidation in 2015 and the second Florida-based credit union to be liquidated this year. Check out your locally owned banks; even better, check out your local credit unions.