ODESSA, Texas — Shem Culpepper, the CEO of the $115 million First Basin Credit Union explained that while his credit union is seeking to depose its own members who opposed the CUs recent failed attempt to convert to a mutual bank, the real target of the CU's "investigation" is the National Center For Member Trust. (NCMT).
NCMT is an independent organization which has aided credit union members around the country who have sought to oppose their credit union's moves to convert to bank charters. Culpepper called such members in First Basin's case mere "puppets" for the NCMT and depicted the credit union industry as victim to a "hapless" situation.
"The Save First Basin group appears to be merely puppets for a well-funded, radical credit union industry group based in North Carolina. Its hidden agenda is to preserve the hapless status quo in the credit union industry. These outsiders have no stake in our community or our credit union, but they routinely interfere with credit union charter conversions across the country. We have to start with deposing Ayala-Moreno, Uranga and Acosta in order to reach the real culprits."
Recommended For You
The National Center has not yet commented on the move or Culpepper's remarks, but in the past has said it merely assists credit union members who approach it for assistance. Under the NCUA's regulation's governing the charter change procedure, some of that assistance has included helping members of a CU seeking to convert its charter to pay the cost of communicating with other members about the conversion proposal.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
