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It’s been 10 months since the NCUA’s takeover of the once $900 million Arrowhead Credit Union of California, but the efficacy of the conservatorship continues to rankle many in the industry.

The lingering controversy over the regulatory seizure of June 30, 2010 comes as the San Bernardino CU, now at $700 million and a net worth ratio at 3.91%, reported last week its first-quarter profit of $3.9 million. Some have suggested the CU was already on the road to a financial recovery at the time it was conserved.

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