Motorola Employees Credit Union CEO John Fiore acknowledged in an interview Wednesday that he was the subject of a recent ruling by NCUA’s board which declined to waive prohibitions against directors of state credit union associations also serving as chair of a corporate.
“It was me,” said Fiore. “I am happy the NCUA took the time to consider the waiver application and I respect their decision.”
Fiore had been named chairman of the board of Alloya, a corporate that – if it wins sufficient capitalization – will emerge out of Members United Bridge.
The NCUA decision came to light as a redacted version of the ruling surfaced on the Internet. Crossed out were the names of the league – the Illinois Credit Union League – and the chairman in question, that is, Fiore, whose $730 million CU is based in Schaumburg.
Fiore indicated that he would continue on as chair of the Alloya chartering committee but would step down when and if a charter is issued. At that point, he would also be free to serve in other board level posts with Alloya. “The only position I cannot occupy is chairman,” said Fiore.
Fiore added that the Alloya founders knew about the NCUA prohibition on chairs of corporates also serving as league directors, so the NCUA decision did not come as surprise. Nonetheless, some Alloya founders believed Fiore was an ideal face of continuity for the forming corporate and that is why a request was made for a waiver.
“The NCUA felt there is sufficient leadership in Alloya without me also serving as chair and we accept that decision,” said Fiore.
No decision has been made about who will serve as Alloya’s chair, said Fiore, who indicated he did not expect that decision would be made until after the corporate is chartered by NCUA.
