Business & Tech

Just How Safe Are Member-Owned Credit Unions?

Chatsworth's Telesis Community Credit Union was seized by state regulators late Friday.

Just how shaky are America's credit unions?

Take a look at the failure of in Chatsworth. How questionable are the business lending practices and multimillion-dollar executive pay scales at some of the member-owned financial cooperatives?

was seized by state regulators late Friday. The credit union remains open under control of the National Credit Union Administration. The NCUA oversees a federal insurance program for accounts up to $250,000.

Find out what's happening in Northridge-Chatsworthfor free with the latest updates from Patch.

Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.