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NCUA Liquidates Credit Union Because Of Online Gambling Links

Today the National Credit Union Administration (NCUA) shut down a credit union which had been embroiled in trouble following the events of Black Friday.

Vensure FCU, based out of Mesa, Arizona was scuttled after the NCUA stated that the credit union is "“insolvent and has no prospects for restoring viable operations.” Vensure FCU served 140 members and had $8.1 million in assets at the time of liquidation, according to the statement released by the NCUA. It has become the 12th federally insured credit union to be liquidated this year.

Customers who were served by Vensure are able to reclaim up to $250,000 of their account's worth under the National Credit Union Share Insurance Fund, and verified members will be mailed a check within one week by the NCUA’s Asset Management and Assistance Center.

Earlier this year, the NCUA took over the credit union after its largest account was frozen on Black Friday, pending the outcome of a federal investigation into poker website payment processing. After a lengthy legal battle the credit union appears to be closed for good.

A link to the NCUA's statement can be found here: http://www.ncua.gov/news/press_releases/2011/MR11-0711Vensure.pdf?referr...

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