Sunday, October 11, 2015

Musicians' Interguild Credit Union Under Enforcement Order

The California Department of Business Oversight published an enforcement order against Musicians' Interguild Credit Union (Los Angeles, CA).

According the final order, the credit union is expected to retain qualified management and maintain Board of Directors that are acceptable to the Commissioner of Business Oversight. At the minimum, the credit union will retain a chief executive officer, chief operating officer, chief lending officer, and controller that will restore the credit union to sound condition, operate the credit union in a safe manner, and comply with applicable laws and regulations.

The final order instructs the credit union to develop a plan to address loans that are delinquent in property tax payments.

The June 2015 call report for the $72 million credit union shows although meeting the requirements of being well-capitalized, 9.02 percent of its loans were 60 days or more past due.

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