The National Credit Union Administration (NCUA) liquidated Eastern New York Federal Credit Union of Napanoch, N.Y. USAlliance Federal Credit Union of Rye, N.Y. immediately assumed Eastern New York Federal Credit Union’s members, assets, loans and debts.
NCUA made the decision to liquidate Eastern New York Federal Credit Union and discontinue its operations after determining the credit union was insolvent and has no prospect for restoring viable operations on its own. At the time of liquidation, the credit union served approximately 6,800 members and had deposits of approximately $49 million.
Over the last two years, the credit union had reported a loss of almost $2 million.
Read the press release.
December, 2009 they lost $138,006 Net Worth 6.38%
ReplyDeleteDecember, 2010 they lost $1432,670 Net Worth 4.04%
December, 2011 they lost $565,308 Net Worth 1.47%
This may sound like a patheticly stupid question to ask of the NCUA but here she goes: WHAT THE HELL TOOK YOU SO LONG?
Keith, Who regulates the regulator?
Keith -
ReplyDeleteExplain this to the people out here. Look at Telesis Credit Union (Chatsworth CA)
Year Assets Net Income
2007 $600,899M (-$7,692,857)
2008 $573,564M (-$13,521,550)
2009 $478,739M (-$10,973,476)
2010 $400,766M (-$11,207,887)
2011 $318,314M (-$4,629,065)
When if ever will the NCUA close it down?
How do you pronounce: conservatorship?
Is this the new model? Shrinking your way to success? Here is the Poster Girl for Business Lending. Raise the Business Lending limits. Maybe Telesis can make it up in volume.
I see a potential Obama NCUA nominee for the Agency. How much money must a credit union CEO lose in order to be an Obama NCUA nominee?
Anonymous:
ReplyDeleteYou asked who regulates the regulator?
Congress is responsible for conducting oversight hearings.