A small Portland credit union that won industry credit for undertaking voluntary PCA three years ago and rebounding in 2012, received new accolades Thursday from an Oregon regulator as an example of what good communication and dialogue can achieve with examiners.
"Yes, their management was caught off guard by what had happened but they did listen to what we had to say and were willing to communicate," Janet Powell, program manager for Oregon's Division of Finance and Corporate Securities, said of the $85 million Point West CU.
Point West celebrated its recovery last week from a near 2008-2009 failure when it got into trouble over problem loans and chargeoff record keeping.
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