Today, I will examine the financial performance of Progressive Credit Union, the second largest New York-based taxi medallion credit union with almost $692 million in assets. He did find one argument that he was willing to buy – small credit unions with well-defined common bonds would be exempt from taxation, while large credit unions with broad common bonds should pay taxes. As part of a preliminary class action settlement, Orange County’s Credit Union (OCCU) has agreed to pay $1.8 million and change and clarify its disclosures of its overdraft practice. Kim Santos, Director for the Office of Credit Unions, wrote that the exception can be revoked for safety and soundness reasons. She noted that at Landmark’s next exam the Office of Credit Unions will evaluate the new limit of 15 percent of assets.
Almost a year after denying Landmark Credit Union’s request for an exception to the aggregate member business loan (MBL) cap, the Wisconsin Office of Credit Unions approved Landmark Credit Union’s application for an exception to the aggregate MBL limit. The problem is that the definition of the common bond” that members of a given credit union are supposed to have has become so broad as to be meaningless. This indicates that the credit union has a coverage ratio (ALLL to Delinquent Loans) of 71 percent.
U.S. District Judge Katherine Forrest in Manhattan dismissed the National Credit Union Administration’s lawsuit against U.S. Bancorp and Bank of America Corp accusing them of breaching their duties as trustees for residential mortgage-backed securities that suffered losses tied to the global financial crisis. Tom Brown states upfront that there is a place for credit unions in our financial system. On the other hand, a credit union is an institution whose account holders are also its shareholders.
Forrest said the National Credit Union Administration lacked standing to sue US Bancorp and Bank of America over 74 RMBS trusts from which five corporate credit unions that later failed had bought certificates, because the certificates had been re-securitized. He points out that credit unions are highly valued by their customers and tend to score better than banks in customer satisfaction surveys.
Thus many big credit unions have become sizable financial institutions that are indistinguishable from banks. The chief executive officers of state chartered credit unions with at least $1 billion in assets earned on average a total compensation package of slightly more than $965,000 in 2013. The information is pulled from the Form 990s filed by these large state chartered credit unions with the Internal Revenue Service. The table does not include information for Federal credit unions, which are not required to file Form 990s.