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Federation Hopes KAPFCU Persists in its Case

Comparing the NCUA's actions to the children's story Alice in Wonderland, the National Federation of Community Development Credit Unions hopes backers of Kappa Alpha Psi FCU persist in their case against the agency.

By David Morrison | Updated on August 18, 2010

Comparing the NCUA’s actions to the children’s story Alice in Wonderland, the National Federation of Community Development Credit Unions hopes backers of Kappa Alpha Psi FCU persist in their case against the agency.

“We hope that they do decide to have their day in court, and that the judge has the opportunity to offer his view on the procedure,” the National Federation said. “Frankly, for the federation and others in the credit union movement, the logic of liquidation proceedings is puzzling at best. When an appeal can only be heard and decided after the liquidation is underway, it brings to mind Alice in Wonderland: ‘Let the jury consider their verdict, the King said, for about the twentieth time that day. ‘No, no!’ said the Queen. ‘Sentence first-verdict afterward.’”

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