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Washington
Federation CEO Closed CU should still have day in court
WASHINGTON (8/20/10)--Following the recent liquidation of Kappa Alpha Psi FCU by the National Credit Union Administration (NCUA), National Federation of Community Development Credit Unions President/CEO Cliff Rosenthal said that the right to appeal NCUA-ordered liquidations appears “hollow.” In a release, Rosenthal said that the “logic of liquidation proceedings is puzzling at best” to the federation and credit unions. “It would be more transparent to inform credit unions that NCUA's actions are irrevocable,” he added. Rosenthal criticized the “extremely high bar” that credit unions are forced to meet during liquidation cases, adding that the NCUA “can always produce data and arguments to support its case.” However, Rosenthal added, “that does not mean that the credit union movement will perceive NCUA's actions against credit unions as appropriate, unavoidable, and fair.” Kappa Alpha Psi in early August legally challenged an NCUA liquidation order, but abandoned its injunction request on Wednesday. However, further hearings are planned in the near future. The NCUA had formally liquidated the troubled credit union last Friday, redistributing its assets to its former members. Rosenthal said that he hopes that the credit union decides to continue with the legal action.


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