President/CEO John Dee Carruth says he plans to fight the ACUA’s decision to conserve the credit union.
TALLADEGA, Ala. - Read CU Times' exclusive prison interview with former Alabama One member Danny Ray Butler.
The next showdown between the credit union and its regulator will begin on June 9 in Montgomery, Ala.
The state regulator tells the $613 CU its cease and desist order is a last chance to avoid conservatorship.
Sarah Moore tried to strengthen the regulator's authority last year.
Assets go up, but income shows a loss and equity keeps sliding.
The $613 million credit union argues the ACUA's cease and desist order should be voided.
According to a Birmingham lawyer, executives' goals were to make Butler loans acceptable to regulators.
Sarah Moore was CFO leading up to one of the largest bank failures in U.S. history.