Search
 

Church Charges NCUA Advised CU Members to Maximize NCUSIF Payout

A church seeking to recover lost money is alleging that NCUA staff acted unscrupulously.

By David Morrison | Updated on February 23, 2012

A church seeking to recover money lost in the 2010 conservatorship and liquidation of the St. Paul Croatian FCU is alleging NCUA staff told credit union employees to show SPC members with deposits larger than $250,000 how to structure them to maximize payments from the NCUSIF.

The church, Holy Love Ministry, of North Ridgeville, Ohio, has sued the agency as agent for the SPC liquidation in an attempt to recover the balance of the more than $1.5 million that the church said it had in two joint accounts with numerous signatories prior to the the liquidation. The collapse of the CU cost the insurance fund $170 million.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.