On Wednesday, the NCUA reported the $2.25 million Internet Archive FCU of New Brunswick, N.J., paid all insured member shares as part of its voluntary liquidation.
In a release, the NCUA said it initiated cease-and-desist order proceedings on Nov. 24, 2015, in order to prevent the credit union from committing unsafe and unsound practices and violations of law, rule and regulation.
Brewster Kahle, a former technology pioneer who founded the credit union, disputed the NCUA's charges. In a Dec. 18 CU Times story, he shared his grievances, which included the NCUA restricting the credit union's loan portfolio to $37,000 when it had $1 million in reserve for bad loans, revoking the membership of migrant farm workers and sending examiners and "special examiners" to the credit union's office every month for two years.
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