The NCUA announced today it has served 18 former U.S. Central FCU directors and officers with demand letters, alleging their breach of fiduciary duty contributed to the failed corporate's losses.
This year, corporate credit union annual meetings included more than just the usual financial reporting and refreshments. Many corporate members were discussing their cooperative's fate in a changing landscape.
Corporate executives tell Credit Union Times they don't know anything about NCUA's legacy assets plan, including whether or not their investments will be included.
By now, First Carolina Corporate CU members have sat down to their annual meeting and luncheon today in Pinehurst, N.C.
Corporate America Credit Union's case against U.S. Central Federal Credit Union's former directors and executives is going to court. U.S. District Court Judge Inge P. Johnson filed the order March 25, setting a Dec. 6 trial date in Birmingham, Ala.
NCUA officials have repeatedly said they want credit unions to determine the future structure of the corporate system.
Corporate credit unions are collectively turning up their noses to the same proposed amendments to the NCUA's Part 704 regulation.