The California credit union that acquiesced to NCUA pressure to remove a controversial web ad suggesting its safety/soundness record was superior to competing CUs and banks decried "economic terrorism" Monday erecting a "no to bailout" sign in front of its main branch.
"Our taxpayer members resent paying for the Wall Street bailout," explained Stuart Perlitsh, the president/CEO of the $329 million Glendale Area Schools FCU which last week posted a billboard ad which read "Just Say No to Bailout Banks–Bank Responsibly, Right Here Right Now."
Three weeks ago Perlitsh deleted a "5-Star Bauer Rating" mention from the CU's Web site following phone calls and letters from NCUA's regional brass in Phoenix complaining the competitor comparisons run counter to safety/soundness regulations warning that a failure to comply could produce "penalties."
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