The $83 million Musicians' Interguild Credit Union of Hollywood, Calif., has a beef over how examiners treat modifications on interest-only loans and its CEO/Treasurer Marc Jacoby is outspoken on the topic.
In an interview with Credit Union Times, Jacoby claims his CU is being made the scapegoat and unfairly singled out by the regulators who he contends are classifying those interest-only loans as delinquent on Call Reports.
Both the NCUA and the California Department of Financial Institutions declined to comment on this specific dispute, citing privacy on CU exams. But a spokesman for the NCUA noted that a CEO wanting to discuss exams knows there is a process to do so.
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