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Washington
Vensure FCU closed by NCUA
ALEXANDRIA, Va. (7/13/11)--The National Credit Union Administration (NCUA) this week closed Mesa, Ariz.'s Vensure FCU, the 12th credit union to be liquidated this year. The NCUA in a release said the 140 member, $8.1 million in assets credit union “was insolvent and has no prospects for restoring viable operations.” Vensure FCU was taken into conservatorship by the NCUA on April 15, with the agency claiming that it failed to properly diversify its business. The agency had recommended that the credit union build a loan program, but the NCUA in its examinations found that the credit union relied solely on income from processing online gambling transactions to survive. The credit union was one of 16 financial institutions that allegedly held funds tied to online gambling sites under investigation by the Federal Bureau of Investigation. The credit union challenged the NCUA’s conservatorship in court, stating that the agency action "was arbitrary and capricious” and threatened “to significantly damage or destroy" the credit union. The credit union also alleged that the NCUA’s conservatorship order "contained only cursory and incomplete facts to support the grounds for conservancy,” and noted that the NCUA during its conservatorship action took possession of financial records that the credit union needed to show that the NCUA conservatorship was improper. A federal court in late June rejected Vensure’s conservatorship challenge. For the full NCUA release, use the resource link.
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