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A longtime credit union observer and former NCUA staffer has called on the NCUA to claw back $10 million that a Stockton, Calif., credit union gave to a foundation controlled by two of the credit union's board members, calling it "a pilfering of members' money."
The credit union responded to Chip Filson's Jan. 26 blog by saying its recent merger, including related transactions questioned by Filson, was disclosed to members and approved by the NCUA and the California agency that regulates credit unions. It also said the foundation will not pay its officers or board members.
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