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NCUA to Arrowhead: No New MBLs

The $876 million Arrowhead Credit Union can continue to process pending member business loan applications but not accept new ones, the NCUA said.

By Michelle A. Samaad | Updated on July 08, 2010

The $876 million Arrowhead Credit Union can continue to process pending member business loan applications but not accept new ones, the NCUA said.

The instruction comes after Arrowhead was placed in conservatorship June 25 due to declining financial conditions, according to the NCUA. Member business loans are restricted under the prompt corrective action guidelines in the Federal Credit Union Act for credit unions that have net worth below 6%, said John McKechnie, NCUA director of congressional and public affairs.

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