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

Court documents revealed for the first time why the NCUA conserved Edinburg Teachers Credit Union and terminated its CEO Jeffrey Moats, who is pursuing aggressive legal actions against the credit union and the federal agency for breaching his employment contract and for not returning his $275,000 in artwork on display at the Edinburg, Texas credit union office.

According to court documents that answered Moats’ breach of contract claims, the NCUA said that it is conducting an investigation “against him for, among other things, commingling credit union funds,” which is why the NCUA has not yet returned the artwork.

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