LOS ALAMOS, N.M. — A New Mexico government auditor was among the four members of the supervisory committee that the board of the second largest state chartered credit union has ousted from their positions.
Charles Monta??o is a former federal bank examiner and now Director of Fraud and Special Audits for the Office of State Auditor. He and the other supervisory committee members for the $302 million Del Norte credit union effectively lost their jobs when the CU's Board moved the board from being an elected committee to being an appointed committee.
Monta??o, while running as an incumbent candidate for the supervisory committee seat, received a letter which voided his candidacy since the election was no longer valid.
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He spoke against the governance change at the CU's annual meeting May 7 and later sharply questioned the role of the state's credit union regulator in attending annual meeting.
"I think his presence was meant to convey to the members that Del Norte is financially sound and therefore they needn't worry about any of the governance issues," Montano said. "I think they wanted to hide the fact that the primary loyalty of the supervisory committee is being moved away from the members and onto the board."
Bill Verant, the Director of Financial Institutions, has declined to comment on attending the meeting. More than 200 Del Norte members have signed a petition asking the board to reverse the governance decision.
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