FORT COLLINS, Colo. — The Coloradoan newspaper here has run eight stories in less than a week on the July conservatorship of Nortlarco Credit Union and the risk it took by investing in Florida real state.
The stories have generated over 100 posts to a readers' blog that express shock, dismay and anger over a local institution that is investing members' money by granting loans to Florida residents of less than credit-worthy status.
A stream of umbrage is descending upon state regulator Chris Mycklebust for not reporting the conservatorship, which he contends is prevented by law. The attention has now moved to several state lawmakers who expressed an interest in changing the law so that members will no longer be kept in the dark when an institution is taken over by regulators. The greater questions are yet to be addressed by them, and the CU's management, however. That is just how and why Norlarco got involved in Florida west coast properties in the first place.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.