The American Bankers Association said while "it is sad to see a financial institution fail," it saw red flags with the now-conserved $1.6 billion Texans Credit Union as far back as 2005.
The banking trade group and the Texas Bankers Association penned a Sept. 30, 2005 letter to the NCUA claiming Texans CU was in violation of its aggregate member business lending limit. Keith Leggett, ABA vice president and senior economist, provided Credit Union Times with the letter.
The banking groups pointed to information reported on Schedule B of NCUA's Form 5300, that showed Texans reported 123 member business loans with outstanding balances of $347,436,609 as of June 2005. Texans assets as of June 2005 were $1,466,750,849.
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