NCUA official seal NCUA official seal. (Source: NCUA)

A purported real estate broker from Georgia has been stonewalling an NCUA investigation of the conserved Community Owned Federal Credit Union in Charleston, S.C., by failing to produce documents despite a subpoena and a court order, recent filings in a U.S. District Court in South Carolina showed.

The NCUA began investigating the credit union in September 2020 and issued a subpoena to Vincent Terry a month later that demanded he turn over documents. The independent federal agency alleged Terry was the CEO of a CUSO for the credit union, Westminster Mortgage of America (WMOA), which generated an “alarming number of highly questionable loans,” and that most of those loans are in default.

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