The Credit Union hosts numerous financial educational workshops in partnership with multiple University departments, clubs and student associations, reaching over 7,000 students yearly. Pinnacle Federal Credit Union of Edison, New Jersey will operate Assisting Other Men and women Excel throughout the conservatorship under a management agreement with NCUA. The National Credit Union Administration (NCUA) reported that the quantity of problem credit unions fell in the course of the third quarter of 2015. At the end of the third quarter, there have been 233 dilemma credit unions – down from 251 credit unions at the end of the second quarter of 2015. In 2013, six of the seven credit union liquidations have involved insured depositor payoffs.
NCUA reported that no credit union with at least $1 billion in assets were a problem credit union. The number of issue credit unions with between $500 million and $1 billion in assets edged reduced in the course of the quarter from 4 credit unions to three credit unions. Lake Michigan Credit Union (LMCU) of Grand Rapids and United Federal Credit Union (UFCU) of St. Joseph announced they will merge, creating the nation’s 19th biggest credit union.
The combined credit union will serve about 500,000 members with total assets of much more than $six billion with 78 places in seven states. United Federal Credit Union will grow to be United Credit Union when the merger is comprehensive and both credit unions are consolidated below Lake Michigan’s state charter. By October 29, Ent Federal Credit Union members will vote on no matter whether to adjust from a federal to a state of Colorado credit union charter.
Ent’s Board of Directors and management team are recommending the charter alter to the membership as it will provide the credit union with higher opportunity to expand its geographic field of membership and will offer the credit union with greater flexibility. An on the internet survey by Credit Union Instances discovered that a huge majority of the respondents think that taxi medallion loans will result in a loss to the National Credit Union Share Insurance Fund (NCUSIF). The report specifically identifies Montauk Credit Union and LOMTO Federal Credit Union as offering 100 percent financing.
This report was written before Montauk Credit Union was seized in September and placed into conservatorship. Whilst I do not know the ultimate fate for Montauk, the odds are significantly larger today that 3 months ago that the credit union will end up in receivership. Also, it is likely that the pain from taxi medallion loans will spread to other credit unions, as several credit unions have purchased participations in these loans. This is up from 58 credit unions in the second quarter of 2013 and 48 credit unions from a year ago.