In a consent order, the NCUA last week barred Richard Koenig, the former chairman of Central States Mortgage Corp., a bankrupt Milwaukee CUSO and ex-CEO of the $144 million Prime Financial CU of Cudahy, Wis., from further industry activities.

Terms of the directive were not disclosed, but the disbarment stems from the March 2009 state conservatorship of Prime Financial, which numbered among nearly two dozen small Wisconsin and Illinois CUs that suffered mortgage loan losses in the 2009 collapse of CSMC, one of the early CU victims of the economic recession.

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Credit Union Times

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