LOS ALAMOS, N.M. — Members of the New Mexico's second largest state-chartered credit union failed to convince its board to reconsider changing its supervisory committee from being member elected to being board appointed.
The board of the $302 million Del Norte Credit Union had previously expelled the chairman of the supervisory committee and his wife from the credit union and made the Supervisory Committee bylaw change even though committee elections had already begun. Results for the supervisory committee elections which concluded April 27 were not announced at the CU's May 7 annual meeting, according to members who attended.
The board declined to allow members to raise the supervisory issue and did not comment on a petition from members asking that it reconsider the move.
But the members who went to the meeting reported that Bill Verant, the Director of Financial Institutions Division of the state's Regulation and Licensing Department, the state's CU regulator, was there. The members said Verant didn't speak other than to say he had never been invited to a credit union annual meeting before. They said it was unclear why Verant was there.
Verant had also been present in the Del Norte board meeting where the previous supervisory committee chairman had been expelled. No one from Del Norte or the Financial Institutions Division has yet returned calls for comment about the meeting.
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