CONCORD, Calif. — The NCUA made a clean sweep at the troubled Cal State 9 Credit Union last Friday, not only dismissing CEO Jackie Wong but also disbanding the entire board of directors. In an apparent swipe at the Board's lack of oversight in the CU's real estate lending portfolio–which was heavily weighted in outsourced HELOC loans–the agency's special actions team first banished chief financial officer Richard Headrick, then Wong, then the Cal State Board.
Attempts by Credit Union Times to reach Wong, Headrick and several board members resulted in calls not being returned. Chairman John DeClercg did respond, but asked that Interim CEO Judith Hurst speak to events instead. Hurst did not return calls from the newspaper.
Full details in the next issue of CU Times.
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