ALEXANDRIA, Va. - NCUA has hired seven new examiners who will focus on the California market. The hiring of additional examiners, according to Credit Union Journal, comes after California credit unions reported one of their worst years in decades as delinquencies and losses soared.
NCUA Unable to Sell Distressed Florida Loans
ALEXANDRIA, Va. - NCUA removed from the market a $26 million package of distressed Florida real estate loans originated by failed Huron River Area CU due to a lack of adequate offers. As a result, NCUA is left holding more than 1,000 Florida loans worth about $210 million from Huron River Area CU and Norlarco CU, which both failed last year because of their involvement in speculative south Florida real estate developments.
Kansas Legislature Clears Bill to Limit Credit Union Membership
TOPEKA, Kan. - A bill limiting the fields of membership and establishing a public notification standard for state chartered credit unions in Kansas passed the state senate by a 35-2 vote and the state house 115-8. The bill, which contains compromise language agreed to by the Kansas Bankers Association, Community Bankers Association of Kansas, Heartland Community Bankers Association and Kansas Credit Union Association, now goes to the governor for her signature. The bill would allow credit unions in a major metropolitan area to expand to adjoining counties, but limits the population to no more than 1 million and limits credit union operations to a single metropolitan area. The legislation also creates new regulatory standards for branching, mergers and field of membership changes. Once enacted, the law would force nine credit unions to scale back their fields of membership.
Texas Legislature to Review Credit Union Department
AUSTIN - The Texas Sunset Commission, composed of legislators and the public, will evaluate the Texas Credit Union Department. In 1977, the Texas Legislature created the Sunset Advisory Commission to identify and eliminate waste, duplication, and inefficiency in government agencies. The Sunset Commission, based upon public input and the Sunset staff report, will make recommendations about the Texas Credit Union Department for the full Legislature to consider when it convenes in January 2009. Information on the Sunset Commission process can be found at http://www.sunset.state.tx.us/.
Merger of Equals to Create $1.85 Billion CU in San Diego
SAN DIEGO - Two large credit unions in the San Diego market have announced their intentions to merge - $944 million First Future Credit Union and $907 million California Coast Credit Union. Membership of the two state-charted credit unions is scheduled to vote on the merger in late April and regulatory approval is expected by June 30.