X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

VANCOUVER, Wash. — The members of the $725 million Columbia Community Credit Union’s board and supervisory committee who were expelled from the credit union on Aug. 15 have sued to regain their seats. The lawsuit from former board members Cathryn Chudy and Kathryn Edgecomb and former supervisory committee member Lloyd Marbet names the credit union and Washington State’s Department of Financial Institutions as defendants. The Save Columbia Credit Union Committee, which as an organization had a membership in Columbia, was also expelled from the credit union, as was one of its supporters, Robert Tice. Both Save CCU and Tice have joined the suit as plaintiffs. The suit alleges that the credit union has acted unlawfully in its expulsion of the members and that DFI did not fulfill its responsibilities toward Columbia’s members. The suit also alleges that DFI failed to act because Columbia’s current CEO, Parker Cann, is a former director. “Plaintiffs allege that DFI’s inaction is improperly based in part upon a close friendship between career officials in DFI’s DCU and Columbia’s CEO, Parker Cann, who recently directed DFI,” the suit said.

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.