Tuesday July 12, 2011 :  CUA liquidates Vensure FCU
The National Credit Union Administration (NCUA), a US federal agency that charters and supervises federal credit unions, has shut down Vensure FCU, a credit union linked to online poker scandals.
The grounds for liquidation asserted that the Arizona company is “insolvent and has no prospects for restoring viable operations.”
The 140-member institution was conserved in April this year , setting off a court battle against the NCUA and raising questions about the agency’s supervisory activities.
The NCUA took over the formerly New York-based credit union on April 15 after its largest member account was frozen as part of a federal investigation into the processing of transactions tied to Internet poker websites.
The credit union sued the agency, charging, in part, that it had ignored the steps the CU had taken to diversify its operations and that the agency had moved on the CU out of the fear of embarrassment.
The $8.1 million credit union was the 12th federally insured credit union liquidated this year. Its net worth ratio as of March 31 was 26 percent, compared with 33 percent as of last December 31, according to financial performance reports filed with the NCUA.