KENSINGTON, Md. — The $319 million Lafayette Federal Credit Union has denied there was any obstruction of an April on-site audit of the credit union and said that former Chief Compliance Officer Lawrence Hart resigned because he knew he could have been fired.
Responding to the allegations Hart made in his resignation letter, Lafayette Chairman Arnold Rosenthal said that Hart had been given "carte blanche" to help the credit union comply with the Bank Secrecy Act and had failed to do so.
He added that Hart had defamed the credit union by suggesting the CU's leadership had obstructed NCUA's April 2-9 audit and said he had spoken with the examiner who had assured him that, from the examiner's perspective, no obstruction took place.
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He pointed out that in Hart's resignation letter, Hart had "personally" developed the systems that Lafayette used for its BSA compliance, the same compliance Hart alleged the CU was not performing. "It looks to me like Hart failed to do his job," Rosenthal said.
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