Cal Coast Credit Union’s compliance failures draw federal rebuke, derail $13.6 billion merger
San Diego County Credit Union (SDCCU) says it has already walked away from its proposed merger with California Coast Credit Union after citing a multitude of concerning issues, but the saga has taken a new turn: the refusal of the National Credit Union Administration (NCUA) to approve a deal. In a formal deferral letter, the federal regulator cited "multiple weaknesses in governance practices and strategic planning" if the merger were to go forward as proposed, under Cal Coast's leadership, a...
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