India has 363 million (or 29.five %) folks below the poverty line based on a survey of 2011-12, as against 407 million (37 %) in 2004-05. Credit unions reported practically $8.5 billion in modified outstanding loans, of which practically $6.8 billion had been true estate loans and $1.6 billion were customer loans. During the very first quarter, credit unions reported that allowances for loan and lease losses enhanced by about $180 million to virtually $9 billion. Earlier this year, I reported that 1st Tech CU and Addison Avenue FCU had announced their intent to merge producing a $five billion credit union.
Kinecta Federal Credit Union and NuVision Federal Credit Union announced that the Boards of each organization have signed a letter of intent to merge the two credit unions. The proposed merger would generate a $4.7 billion credit union with 40 branches mostly throughout Los Angeles and Orange Counties in California. So far this year, the pace of credit union failures involving insured depositor payoffs is operating ahead of last year’s pace. In 2013, six of the seven credit union liquidations have involved insured depositor payoffs.
It would have been seven out of seven but Kinecta acquired I.C.E. Federal Credit Union numerous days right after NCUA had liquidated the credit union. In comparison, there had been only six credit union failures in 2012 that involved insured depositor payoffs. These failures arose out of the blue and did not give NCUA adequate time to shop the failed credit union.
The most current credit union is Central Florida Educators’ (CFE) Federal Credit Union in Lake Mary, Florida. The $1.four billion credit union paid $3.95 million more than 7 years for the naming rights to a ten,000 seat arena at the University of Central Florida. Going forward, the arena will be recognized as the CFE Federal Credit Union Arena – or the CFE Arena for quick.
The credit union posted a loss of $295,220 in the first quarter of this year right after reporting a loss of $122,290 for all of 2012. Electrical Workers #527 Federal Credit Union was a low-income designated credit union serving 527 members and had assets of $622,857. The final Texas credit union to fail was Women’s Southwest FCU of Dallas (TX) on October 31, 2012.