The NCUA today confirmed reports that seized $808 million Arrowhead Central Credit Union laid off 27 employees Friday.
The controversy over whether or not the NCUA was justified when it seized the $876 Arrowhead Credit Union
The sudden NCUA takeover of the $876 million Arrowhead Central Credit Union on Friday was as much a surprise to the $4 billion Alaska USA FCU, now owner or co-owner of four former branches of Arrowhead, as it was to others, Alaska USA management reported.
NCUA Director of Congressional and Public Affairs John McKechnie said the agency's decision to place Arrowhead Central Credit Union executives on paid leave, rather than dismiss them, is not unusual, particularly while the NCUA is reviewing operations.
Citing competing business interests, William B. Eckhardt, a CUNA Mutual board member since 2005 and president/CEO of Alaska USA Federal Credit, has resigned his CUNA Mutual director seat.
William Eckhardt, a CUNA Mutual Board member since 2005 and president/CEO of Alaska USA Federal Credit, has resigned from the director post ahead of a planned "competing" business venture in the insurance area, it was announced today.