ALEXANDRIA, Va. NCUA yesterday liquidated the seventh credit union of the year by shutting down Electrical Workers #527 CU in Texas City, Texas.
The $622,857 CU had just 527 members. It was chartered in 1963 to serve electrical workers in the local market. All members will have their deposits refunded up to $250,000 over the next week, according to the agency, which said the CU was insolvent with no prospect of restoring viable operations.
The move comes about a year after rising delinquency levels prompted SBA to raise lender fees and tightened underwriting standards in its flagship 7(a) program.
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Suncoast Credit Union moved from one-time identity checks to monitoring members for the life of the account. It says fraud losses fell more than a third.
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Prashant Sharma, JPMorgan Payments' executive director of biometrics and identity solutions, spoke with American Banker about agentic commerce and how liability is shifting as a result of large language models.
