ACUA Places Alabama One CU Into Conservatorship
After more than a year of controversy and accusations between the credit union management and regulators, the Alabama Credit Union Administration has placed Alabama One CU into conservatorship. The regulator said the officers and employees of the $598 million credit union had exhibited persistent patterns and practices of allowing insiders to have loans at preferential rates and terms, falsified information for insider loans, and accepted things of value in exchange for making loans. The regulator further stated that the credit union had lost $11 million in the past 18 months due to poor underwriting practices. [8/28/15]
