(Nov. 12, 2021) NCUA late last week placed the tiny Pomona Postal FCU of Pomona, Calif., into conservatorship, saying the credit union’s most recent call report shows it had 717 members and $4.2 million in assets. The 57-year-old credit union had about a 51% loan-to-share ratio, according to NCUA data … Bob Gallman, president and CEO of the Louisiana Credit Union League since 2017, has announced his retirement, effective next March; he has notched more than 45 years in the credit union system … Guidance for dealing with climate change risk management “supervisory expectations” will be released this year, the acting comptroller of the currency said this week. “We expect to issue framework guidance by the end of this year, to be followed next year with detailed guidance for each risk area,” Acting Comptroller Michael J. Hsu said. “The detailed guidance will build on a range-of-practices review that will launch this week, industry and climate groups’ input, and lessons from other jurisdictions” … Providing “relevant and timely information” specifically for examiners and financial institution practitioners is the aim of a revamped notification system announced this week by the FFIEC (which, since April, has been chaired by NCUA Chairman Todd Harper). According to the Exam Council, its “FFIEC Announcements” email notifications will be distributed to the council’s email subscribers notifying them of updates to its website and “Infobases.” Each issuance, the council said, will be designated with the word “Announcement” in the header, followed by a sequential numbering order of a four-digit year and a two-digit issuance number. See the link for more or to sign up.
LINKS:
NCUA Places Pomona Postal Federal Credit Union Into Conservatorship
Acting Comptroller Discusses Climate Change Risk
FFIEC Implements New “Announcements” Communication Tool
(April 2, 2021) Two supervisory actions were taken this week, the first by NCUA as it closed one credit union (the first of the year) and by the Texas Credit Union Department which conserved another.
NCUA closed tiny Indianapolis’ Newspaper FCU (in Indianapolis), initially conserved in January, on Wednesday. The $6.4 million FCU (with 1,143 members) became the first federally insured credit union closed in 2021, NCUA said. It was chartered 60 years ago and served current and past employees of the Indianapolis Star and a few other select employee groups in the city. Elements Financial FCU, also of Indianapolis – a $2 billion credit union – assumed most of the credit union’s shares; however, a portion of shares was retained by the NCUA.
In January, NCUA said the credit union was conserved because of unsafe and unsound practices. This week, the agency said liquidation was necessary “after determining the credit union was insolvent and has no prospect for restoring viable operations on its own.”
Earlier in the week, NCUA announced it was named by the Texas Credit Union Department as conservator of the $106.2 million, 12,500-member Edinburg Teachers CU (of Edinburg, Texas). The credit union serves several education-based and other employee groups as well as their family members, according to NCUA.
In a release, NCUA said it and the TCUD would work to resolve operating issues at the credit union with the goal of protecting member assets and seeking a resolution to identified problems. “Neither the Texas Credit Union Department, nor the NCUA have made any decisions about the long-term future of the credit union; however, continued service to members is a priority,” the agencies said in a joint statement.
LINKS:
Indianapolis’ Newspaper Federal Credit Union Closes, Most Shares Assumed by Elements Financial