Former Arrowhead Central Credit Union President/CEO Larry Sharp said the NCUA refused four consecutive net worth restoration plans because Arrowhead management was "too optimistic" in its forecasting.
The California State Department of Financial Institutions did not reject the state-chartered institution's plans, he said.
"We have beaten every one of our forecasts in performance," said Sharp, who was fired by the NCUA July 14 along with three other executives. The NCUA seized the $808 million Arrowhead June 25.
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