CONCORD, Calif. – State regulators have issued a cease and desist order against financially ailing Cal State 9 CU, which wracked up $9.1 million in losses in the first half of the year. The credit union reported more than $26 million in loan delinquencies at mid-year, most of those real estate-related loans, for a delinquency ratio of almost 7%. Officials with California’s Department of Financial Institutions would not disclose the contents of the rare C&D, telling The Credit Union Journal the order is confidential. Officials with the $375 million credit union did not return phone calls seeking comment.
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