When asked for their opinion, most credit union leaders clammedup on the topic of the NCUA's recent cease and desist order against three former corporateexecutives.

However, most who did speak out were critical of the decision toban former Western Corporate Federal Credit Union Chief InvestmentOfficer Robert Burrell, former U.S. Central Federal Credit UnionPresident/CEO Francis Lee and former Members United CorporateFederal Credit Union President/CEO Joseph Herbst from corporatecredit unions, but not natural person credit unions.

Herbst is currently employed as senior vice president and chiefstrategic officer at the $2.3 billion Affinity Federal Credit Unionin Basking Ridge, N.J., while Burrell has his own ALM advisoryfirm.

“It just doesn't sit right,” said Chuck Bruen, industry bloggerand president/CEO of the $962 million First Entertainment CreditUnion of Hollywood, Calif.

“It seems weak. If they can't work for a corporate, why let themwork for a credit union?” Bruen said. “Maybe I would have done thesame thing if I were the NCUA, but it just seems odd that you couldgo be an executive for a big credit union, but you can't beinvolved with a corporate. Why even bother? They were just making astatement, I guess.”

Stuart Perlitsh, president/CEO of the $325 million Glendale AreaSchools Federal Credit Union, who was the original plaintiff in alawsuit against former WesCorp executives and directors, said hedoesn't think the order provides enough accountability forcorporate losses.

“They made huge, incompetent investment decisions, and now theyhave the license to do the same at credit unions as large as Navy,Pentagon, SchoolsFirst, Golden 1, and other billion-dollar creditunions,” Perlitsh said. “It just doesn't compute.”

Perlitsh said he's spoken with a colleague at a billion-dollarcredit union who received a call from Burrell, pitching ALMconsulting.

“He politely declined the invitation,” he said.

California and Nevada Credit Union League President/CEO DianaDykstra said she hasn't received feedback from members on theissue, although she acknowledged some league members, who wereformer WesCorp members, are still angry about the losses.

“Maybe some are still angry and want to hang all of thoseinvolved, but for the most part, I think people have moved on,” shesaid.