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News Now

CU System
Former CU officials seek injunction vs. conservatorship
BIRMINGHAM, Ala. (8/13/09)--The former board and CEO of Mutual Savings CU in Birmingham, Ala., Monday filed a request for a temporary injunction to stop its conservatorship. The credit union was placed in conservatorship July 31 by the Alabama Credit Union Administration (ACUA). A hearing was scheduled for Aug. 24 in the Jefferson County Circuit Court in Alabama, Patrick La Pine, League of Southeastern Credit Unions president/CEO, told News Now> “The burden will fall on the regulator to justify the conservatorship,” he said. The league is not involved with the injunction. “We’re staying neutral,” La Pine said. “We’re just monitoring the situation.” Glenn Latham, ACUA administrator, told News Now that the judge will have to determine whether the conservatorship should continue. The credit union is still operating, although its former board, CEO and supervisory committee were relieved of their duties. The senior staff remains, he said. “Nobody’s going to lose any money, and member services have not suffered,” Latham added. Mutual Savings CU had suffered some losses prior to being placed into conservatorship, he said. League President La Pine said the last quarterly call report indicated that Mutual Savings CU had a capital level of 8%. The recommended capital threshold is 7%.


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