The lawsuit charged that the defendants allegedly failed to impose prudent concentration limits on private-label, mortgage-backed securities, particularly option ARMs. The NCUA sought damages from the defendants in excess of $1 billion.

But Lane filed for dismissal of the charges, claiming the NCUA made no specific allegations against the former WesCorp CFO, did not explain how Lane was in breach of fiduciary duty or say how Lane's actions led to WesCorp's billion-dollar losses.

"There is not a single allegation that Mr. Lane had the responsibility for concentration limits, that he played a role in setting them, or even that he had the authority to weigh in on them," the memorandum in support of the motion to dismiss stated in December 2010.

In addition to his attempts to dismiss the NCUA's charges against him, Lane argued in legal filings in 2012 that WesCorp, and subsequently the NCUA as the failed corporate's liquidator, were responsible for his more than $100,000 in legal fees and damages.

Finally in January 2013, the NCUA settled its lawsuit against Lane in a confidential agreement.

In its statement announcing Shepard's retirement, Cal Coast did not offer a specific date when Lane would take over as president/CEO.

"The dedication and exceptional member service by the employees and the loyalty of our members have made California Coast what it is today," Shepard said in a prepared statement. "With their continued support, the board and senior management's leadership, and Todd at the helm, I know Cal Coast's future is in good hands."

During her career, Shepard garnered numerous awards including recognition by the California Credit Union League's advocate of the year award in 1998 and 2006. She also was honored with the California league's Distinguished Service award in 2006 and was recognized by the San Diego Daily Transcript as one of the city's top influencers in 2009.