Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
First Basin members group disappointed in lawsuit plans
ODESSA, Texas (3/13/08)--Members of a group that opposed the now-withdrawn attempt by First Basin CU to convert to a mutual savings bank expressed disappointment in learning the credit union may sue the group's founders. Members of the opposition group, Save First Basin, say the management of the Odessa, Texas-based credit union announced Tuesday it would sue three members, including Letty Moreno, a co-founder of the group. Moreno is a former vice president at the $114 million credit union. The group has "done nothing wrong. We have simply stood up for what is right and told the truth," said Moreno in a press release from the group. The group had been vocal in pressing for details about the election results on the proposed conversion. The credit union cancelled a scheduled membership vote on the proposal earlier this year. And on March 4 CEO Shem Culpepper announced the credit union was withdrawing the conversion proposal. Now Save First Basin is planning to field a slate of candidates in the next board election. Danny Armstrong, a member of the credit union for 17 years, said he was "disappointed" in hearing the news of a potential lawsuit. "They have spent at least half a million dollars of [the credit union's money] for something that would benefit themselves, not the members." Anna Vera, a member for 10 years, said the credit union "should not be attacking members because their bank plan was rejected."


RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
14 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
15 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
15 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
16 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
17 hours ago