Alabama Regulator Sees No Conflict of Interest
Alabama Credit Union Administrator Larry Morgan, who was chairman of the board for the $3.7 billion Corporate America Credit Union as recently as 2010, denied accusations that he has a conflict of interest acting as regulator on issues between the corporate and the NCUA.
“I don’t think it has,” Morgan said, when asked how his Corporate America stint has affected his position.
Bonds, who is on leave of absence from Corporate America, could lose his board seat if he does not return. According to the code, board positions are declared vacant by the ACUA administrator if the member “ceases to serve as an officer, director or manager of a credit union chartered under the laws of the State of Alabama.”
Despite his past ties to Corporate America and issues between the corporate and NCUA, Morgan said his agency doesn’t have any issues with the NCUA and has a good working relationship with the federal regulator.