The dispute arising over an unusual court challenge of a politically charged conservatorship of a Birmingham, Ala., credit union heated up last week with attorneys' charges and countercharges.
The state's top CU regulator, T. Glenn Latham, brought new claims that the former management of the failed $193 million Mutual Savings CU misrepresented loan-loss data. The state regulator seized the Birmingham credit union on July 31.
"There is overwhelming evidence, and the court will agree with me, that this credit union was poorly run at the end, engaging in unsafe lending practices and wild spending," said Latham, who is slated to appear on Oct. 26 as a defendant in a suit brought by Mutual's ousted CEO and its directors in a state court.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
