Alabama Credit Union Administration Chairman andAdministrator Sarah Moore, along with at least two ACUA staffand at least two NCUA staff, met behind closed doors with the boardof directors of the $602 million Alabama One Credit UnionThursday.

The cooperative had previously scheduled the 23 April boardmeeting and Alabama One CEO John Dee Carruth told a local media outlet that the regulators'presence was routine.

“[C]redit union routinely meets with its regulators from time totime. These meetings are always scheduled in advance. No onearrived unannounced,” Carruth told the TuscaloosaNews.

Ken Walters, a longtime Alabama One member, told CUTimes he was at the credit union when the regulatorsarrived. Walters said he had come to the meeting to try totalk to the board about the way it had been managing thecooperative.

Walters said the regulators all wore black suits and somecarried large books that appeared to contain computerprintouts.

Walters added that they declined to sign into the building andwent straight to the board meeting.

The regulators declined questions from local reporters on thescene and from Walters, he said, when they left the creditunion.

Neither the ACUA nor the NCUA has yet commented on themeeting.

The NCUA scheduled a closed board meeting for April29.

The agenda had three items, the first two related to anadministrative and supervisory actions which were exempt for theopen meeting requirement under regulation 791.12.

The agency exempted the meeting under 791.12(8) because it might“disclose information contained in or related to examination,operating, or condition reports prepared by, on behalf of, or forthe use of Federal agencies responsible for the regulation orsupervision of financial institutions,” according to theregulation.

NCUA also cited 791.12(9)(i)(B) which said an open meeting mightbe closed if it might “significantly endanger the stabilityof any financial institution” and 791.12(9)(ii) which said anopen meeting might be closed if it could “be likely tosignificantly frustrate implementation of a proposed action.”