The League of Southeastern Credit Unions is off to a controversial start, after President/CEO Patrick LaPine fired off an Aug. 4 letter to his board members questioning the Alabama regulator's July 31 conservatorship of Mutual Savings Credit Union.
In the letter, obtained by the Credit Union Times, LaPine said he spoke with dismissed CEO Dale Dalbey, who resigned from his position as league board treasurer earlier this week, as well as NCUA Region III Director Alonzo Swann.
"To make a long story short, the motivations of the state regulator … is suspect at best," LaPine wrote.
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However, according to Alabama Credit Union Administrator T. Glenn Latham, the league and state regulator have already resolved their differences. Latham said he met with LaPine this afternoon, and said LaPine has withdrawn his challenge.
LaPine said in the letter NCUA officials told him they don't understand why the ACUA took action against the Birmingham, Ala.-based institution, don't agree with it, and wouldn't have done it themselves. Latham said he spoke with Swann today, who told him he was misquoted.
NCUA spokesperson Cherie Umbel confirmed that the credit union is federally insured, and said the NCUA is not involved in the conservatorship.
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