ALEXANDRIA, Va. – NCUA yesterday liquidated Olean Tile Employees FCU of Olean, N.Y. after determining the credit union was insolvent and had no prospect for restoring viable operations.
Chartered in 1936, the $778,000 CU had 550 members. It is the 13th liquidation of a federally insured credit union in 2012.
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The National Credit Union Administration Tuesday submitted a rule to the Office of Management and Budget stating that federal law preempts state laws on interchange, blocking an Illinois statute banning the collection of swipe fees on taxes and tips.
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