Conservatorship and a merger were reasons credit unions gave CU Times when explaining why they were included among a list of institutions that violated Troubled Asset Relief Fund reporting requirements.
"When we got the report on the TARP violations, it was the first time we ever heard about it so we did some research and found we received the funds back in 2008. It was used for secondary capital," said Shawn Wilson, CEO of the $11 million Greater Kinston Credit Union of Kinston, N.C., which received $350,000.
The 27-year-old Wilson was just named CEO last year. The credit union was placed into conservatorship by state authorities in early 2012.
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