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Alabama’s top credit union regulator, now facing an unusual court challenge of a conservatorship, accused the former management of the failed $193 million Mutual Savings Credit Union of Birmingham of misrepresenting loan loss and other data in the Alabama Credit Union Administration’s July 31 seizure.

“That credit union was simply badly run and their CEO and board had posted totally inaccurate records on the books from their 5300 report,” declared T. Glenn Latham, Alabama Credit Union Administrator in defending the department’s takeover of Mutual, headed by Dale Dalbey, former treasurer of the newly-formed League of Southeastern Credit Unions.

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