SPRINGFIELD, Mass.-U.S. District Court Judge Michael Ponsor granted a motion for a hearing to unseal documents filed by NCUA supporting its conservatorship of D. Edward Wells Federal Credit Union. On the morning of April 4, after press time, Ponsor was scheduled to hear the credit union's argument for unsealing the documents submitted by NCUA supporting the agency's allegations that D. Edward Wells did not keep its books properly updated, made a loan in an amount vastly exceeding safety and soundness standards, and had more than $1 million in overdrawn accounts. Meanwhile, NCUA filed a response to the credit union's motion to compel the agency to show cause and a motion for a Show Cause Hearing.
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