Vensure Federal Credit Union has sued the NCUA in federal court to prevent the agency fromtaking control of its operations.

The NCUA placed the $2.7 million Vensure FCU intoconservatorship April 15 after its biggest depository account wasseized as part of an ongoing federal investigation into allegedlyunlawful internet gambling transactions.

In its brief before the U.S. District Court for the District ofColumbia, Vensure sought a temporary restraining order against theagency. The Mesa, Ariz.-based credit union claimed that the NCUA'stakeover was “arbitrary and capricious” and that it had already obeyed theagency's demands to put itself on a sounder and more legally securefooting when the NCUA acted.

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