Callahan & Associates President Chip Filson suggested that interested parties should consider filing suit against NCUA for the conservatorship of U.S. Central Federal Credit Union and Western Corporate Federal Credit Union.
After raising serious questions during a Webinar yesterday afternoon about the NCUA's decision to place U.S. Central and WesCorp under conservatorship, Filson said the corporates' members and ousted board should consider challenging the agency's decision in court.
Among other allegations, the researcher questioned the NCUA's $8.9 billion credit loss estimate versus the $1.2 billion the two corporates had already reported to their boards-a 700% increase.
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