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Despite ongoing federal court proceedings addressing its actions, the NCUA has moved forward with the liquidation of the $780,000 Kappa Alpha Psi Federal Credit Union.

“Whenever we liquidate a credit union, we are mindful of the responsibility to return funds to members in an expeditious manner,” wrote John McKechnie, NCUA director of public and congressional Affairs, in an e-mail sent after the liquidation. “In this case, as with other liquidations, we were prepared to do that either by transferring the shares to another credit union or paying them directly to the members. Kappa was unwilling to support a share transfer to another institution, and accordingly, NCUA provided the funds directly to the members,” he added.

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