Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

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.


RSS print
News Now LiveWire
Did you ask @CommonwealthCU CEO a fin. question on #heyKaren day? She'll answer #likeaboss http://t.co/2PgZAp9qu0 https://t.co/RySBvM4rBc
11 hours ago
Texans linebacker Cushing continues outreach, spokesman role for @FirstCommCU http://t.co/wIUGhn9okM
14 hours ago
Despite what consumers say, big banks still hold sway over market via @Marketplace http://t.co/ozH69d8soj
16 hours ago
Erie, Pa., Americo FCU CEO praises staff for actions during robbery http://t.co/yyhaPnDtXh
17 hours ago
"Shreditorial" praises good deeds of @DannemoraFedCU http://t.co/06qKe0mhzR
17 hours ago