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.
Part of the church's complaint against the agency is the allegation that while other depositors were called into the credit union to adjust their accounts prior to the liquidation, the Church never received a call.
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? Sign In
© 2024 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.
