Vensure FCU credit union shut down
The latest developments regarding the US investigation into online gambling involve a shutdown of a credit union linked to online poker scandals, Vensure FCU. The decision was passed by the National Credit Union Administration (NCUA), a US federal agency that charters and supervises federal credit unions, which specified that the Arizona company is “insolvent and has no prospects for restoring viable operations.”
Prior to this, the $8.1 million credit union was taken over by the NCUA in April, when it engaged in a court proceeding against the NCUA, questioning the agency's supervisory activities and claiming that it had ignored the steps the CU had taken to diversify its operations and that the agency had moved on the CU out of the fear of shame.
This was the 12th federally insured credit union liquidated this year.
Your feedback
Please enter your comment.
Your comment is added.