Compliance Question of the Week

Can a conservator open multiple accounts?

NCUA Appoints Gary Jester to Serve as CEO at Chetco FCU During Conservatorship

The NCUA has appointed veteran CEO Gary Jester to lead Chetco FCU’s conservatorship. Jester, who recently led Rapid City Telco FCU through a similar situation, will work with the NCUA and Chetco staff to determine the best course of action to serve Chetco’s more than 32,000 members.

WesCorp Will Not Emerge From Conservatorship as United Resources; Regulator Urges Member Credit Unions to Stay Put Until a Merger is Worked Out

The NCUA has announced that three corporate bridge credit unions did not meet recapitalization goals. WesCorp, US Central and SE Corporate will not emerge as new entities. A number of Northwest credit unions have already been stung by WesCorp’s downfall.

NCUA Weighing Options For O.U.R FCU

Under the agency’s conservatorship, normal business activity will continue and members of the credit union will have access to the services available to them prior to NCUA taking control of the credit union’s operations last Friday.