Assets go up, but income shows a loss and equity keeps sliding.
ACUA also orders Alabama One to discontinue business lending, fix SARs and remove conflicts of interest.
CEO says visit was routine. Member reports regulators refused to sign in at front desk.
Sammy Colburn says he was asked to drop off checks to certain executives, sometimes after hours.
According to a Birmingham lawyer, executives' goals were to make Butler loans acceptable to regulators.
Why did the Alabama state credit union regulator and the NCUA fail to detect lending and check fraud at Alabama One Credit Union?
There was no shortage of news in CU Times’ virtual newsroom this past week.
Plaintiff claims widespread flouting of lending rules and regulations, also admits to unprofessional behavior.
Maybe the NCUA needs to expand the share insurance fund because it can't effectively regulate its insured institutions.
Read all of CU Times' coverage of the $613M credit union's lawsuits and regulator woes.