Litigation
Mar. 13, 2012
Little-known agency takes on watchdog role
The National Credit Union Administration has brought a watchdog approach to its role as liquidating agent for a multibillion dollar corporate credit union and is pursuing the corporate officers for their personal assets.
Daily Journal Staff Writer
LOS ANGELES - In May 2008, the head of Western Corporate Federal Credit Union accelerated and increased his retirement plan to obtain a $6.9 million lump sum payment. By December, the credit union faced billions of dollars in losses that dragged it into insolvency, and it soon fired the chief executive.
WesCorp, which provided financing to thousands of smaller credit unions in California and other s...
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