NCUA has until Friday at 12:00 pm to explain to the U.S. District Court for the District of Columbia why the court should not prevent it from liquidating the Kappa Alpha Psi Federal Credit Union.
The agency announced it would liquidate the credit union on August 3, but the credit union went to court to stay and reverse the liquidation.
According to press reports, U.S. District Court Judge Emmet Sullivan said that he likely lacked the authority to stop the liquidation, but nonetheless ordered the agency to produce an argument by Friday Aug. 13 about why the court should not stop it. The order also gave the credit union until Aug. 16 to produce an argument as to why the court does have the authority stop the liquidation.
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