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NCUA Files For Extension in KAP Case

The court extended the deadline for further written arguments between the organizers and volunteers of the at least partially liquidated Kappa Alpha Psi Federal Credit Union and the NCUA.

By David Morrison | Updated on August 30, 2010

The court extended the deadline for further written arguments between the organizers and volunteers of the at least partially liquidated Kappa Alpha Psi Federal Credit Union and the NCUA.

The government lawyer representing NCUA was expected to have produced a brief further arguing why the agency acted properly when issued a liquidation order against the small predominantly African American credit union and defending its procedures it used in doing so. The agency issued the liquidation order against the CU on Aug. 3 and returned account balances to members on Aug. 13.

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