Five years after placing A.E.A. Federal Credit Union of Yuma, Arizona into conservatorship, the National Credit Union Administration returned control of A.E.A. Federal Credit Union to its members.
According to its September 2015 call report, credit union was counting $12.8 million in subordinated debt as net worth, which is highly likely Section 208 assistance from the National Credit Union Share Insurance Fund. Without this section 208 assistance the credit union would be critically undercapitalized.
A.E.A. FCU is the second credit union to emerge from conservatorship this year. The other credit union was Keys FCU (Key West, FL).
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The biggest joke of all in credit union land.
ReplyDeleteLove this.
"Return to the members".
And the member is in the lobby saying, "huh? Just give me my money ".
And it's all, like credit unions in general, a phony front.
Section 208 is a government bailout. Taxpayer funds of phony capital propping up a dead buggy whip.
Just like serving the underserved...you know the ones...with 750 ficos and above average net worth that "justifies" the tax exemption.
Dysfunctional congress, the credit unions bff.
Until they're not.