The Alabama Credit Union Administration said Wednesday it terminated the conservatorship of the $582 million Alabama One Credit Union, which has been at the center of widely publicized controversies and lawsuits since 2013.
The Alabama regulator took control of the Tuscaloosa-based credit union in August 2015. The regulator claimed the credit union officers and employees showed persistent patterns and practices of allowing insiders to have loans on preferential terms and conditions, falsified loan information for insider auto loans and accepted things of value in exchange for making loans, among other charges.
The end of the conservatorship, however, does not mean the end of Alabama One's legal troubles.
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