Credit Union Odds and Ends

The following three credit union tidbits caught my attention. The first deals with the ending of subsidized government office space for a credit union. The second involves a credit union funding a construction loan for $5.36 million. The third item discusses how large executive salaries became the norm at Municipal Credit Union.

No More Taxpayer Subsidized Office Space for a Connecticut Credit Union.

The City of Groton (Connecticut) decided to not renew the lease of Groton Municipal Employees Federal Credit Union.

The credit union operated in the basement of the municipal building and paid $1 per year to the city for the space.

The credit union will move to the Groton Shopping Plaza on Plaza Court and pay market prices for the space.

Read the story.

Technology CU Funds $5.36 Million Construction Loan

Technology Credit Union provided a $5.36 million multi-family construction loan to Panoramic Interests.

The loan will fund the development of a four-story, modular-designed, 22-unit studio apartment building in Berkeley, California.

Each studio apartment will be about 365 square feet and will come completely furnished. The apartments will include nine-foot ceilings, stainless steel energy star appliances, bike storage for residents, high-efficiency lighting, low-flow plumbing fixtures and enhanced indoor air quality.

Read the press release.

Paper: Big Salaries Became the Norm at Municipal Credit Union

The Chief wrote that the large compensation packages have become the norm at scandal-plagued Municipal Credit Union (New York, NY).

Beside almost $6 million in 2016 compensation to Municipal's former CEO Kam Wong, who has been accused of embezzling funds from the credit union and banned by the National Credit Union Administration from further participation in the affairs of any credit union, the story noted 3 other employees had total 2016 compensation in excess of $600,000 and another 3 employees earned in excess of $500,000.

Click here for the credit union's 2016 Form 990.