Former NCUA Head to Take Position at Riggs Bank
WASHINGTON - An early chairman of the NCUA is being considered as a possible officer at Riggs Bank, an institution which has faced $25 million in fines for failing to follow federal money laundering regulations, according to stories in the Washington Post and wire services. The stories report that Lawrence Connell will be announced for a position after the bank reports its earnings. Connell is identified in the stories as a former head of NCUA and a former Treasury Department advisor on privatization and banking reform. No one from the bank would comment at press time.