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Lafayette Compliance Officer Resigns; Alleges Serious Problems with CU's BSA Compliance

The resignation of Lawrence Hart, the chief compliance officer for the $319 million Lafayette Federal Credit Union, and the allegations Hart has made in the wake of that resignation have cast doubt on whether the Office of Thrift Supervision would have ever approved the credit union's application to convert to...

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KENSINGTON, Md. — The resignation of Lawrence Hart, the chief compliance officer for the $319 million Lafayette Federal Credit Union, and the allegations Hart has made in the wake of that resignation have cast doubt on whether the Office of Thrift Supervision would have ever approved the credit union’s application to convert to a mutual bank charter without the CU having made significant changes to its operations.

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