"It's been a known fact that the loans are mathematically impossible," former commissioner Meera Joshi tells CU Times.

“Lavish vacations, rent-free housing and even naming rights to a ballroom were among the high-ticket items Kaufman received in this alleged scheme.”

Alan Kaufman issues a statement regarding the NCUA's allegations that he violated laws and his fiduciary duties.

Melrose cited for loan policies, concentration risk and underfunded ALLL, among other things, regarding its taxi medallion loans.