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Am I missing something? They say they have "$1 million in donations spent ... and $1 million in the bank to back any bad loans". For a bank/CU this sounds lik
by eggoa 11y ago
Am I missing something? They say they have "$1 million in donations spent ... and $1 million in the bank to back any bad loans". For a bank/CU this sounds like pocket change. Later they say they have "almost unlimited capital". What gives?
- HillRat 11y agoThat's my first reaction as well; NCUA is first, foremost and entirely concerned with solvency and capital adequacy requirements, so it's no surprise that they weren't jazzed about a tiny CU taking on high-risk and expensive products. I haven't done a CAMEL score on them (and haven't touched CU finances for several years so I'm reaching back into my memories here), but you can get their financial performance and analysis data at [1], charter number 24846. These guys obviously had the best of intentions and a real desire to make a better world. I wish they could have found a way to clear that path, but I don't think that a CU was the right institutional form. [1] http://fpr.ncua.gov/OnlineFPR.aspx?cu_number=24846 http://fpr.ncua.gov/OnlineFPR.aspx?cu_number=24846