You know the sad story of IBEW Local Union 712 Federal Credit Union in Beaver PA in 2020. In an institution with assets of $7.7 million the CE) managed to run up $2,1 million in credit card debt. And in May 2020 NCUA conserved the credit union.
RIP.
Except now Andy Janning, a longtime credit union expert, is on the case with a new podcast OVERDRAWN that focuses on the human costs, systemic failures, and real world consequences of this credit union failure and also on the continuing impacts on the credit union that absorbed the remains of the IBEW credit union, West Penn P & P Federal Credit Union, also in Beaver.
Janning’s approach is not what’s expected. The obvious approach is to focus on the NCUA’s failure of oversight and also on the failure of the Supervisory Committee. Janning does not ignore these threads but his vision is aimed at other elements of the story, elements that often are ignored.
Janning above all is focused on the human impacts and the stories of the people who lived through the failure of the IBEW credit union and also on West Penn employees.
