Management of the tiny Kappa Alpha Psi Federal Credit Union of Dallas, now under an NCUA liquidation order being challenged in a Washington federal court, ratcheted up their appeals for industry support comparing the litigation to a landmark civil rights decision.
"We hope the entire credit union movement can now pull together and stand with us to halt a liquidation procedure, which is unjust and unfair impacting both big and small credit unions everywhere by destroying the entrepreneurial spirit," declared Victor Russell, chairman of the low income CU.
In essence, complained Russell, the NCUA "never gave us a chance" before pulling the plug Aug. 3 on the $400,000, internet-based CU, which serves a black fraternal membership with 1,400 members nationwide.
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