OVERLAND PARK, Kan. - Robert Bream, chief executive of United Air Lines Employees Credit Union, the country's fourth largest, has turned down the top job at U.S. Central Credit Union.
Mr. Bream turned down the job early this month, according to industry and agency sources. They said he cited its political nature.
The board of U.S. Central, the industry's primary liquidity facility, is split between officers of its member corporate credit unions and leaders of the Credit Union National Association, the industry's largest trade group.
In March, when James R. Bell quit as U.S. Central's president, he said it was being hurt by the trade group's meddling.
Mr. Bream, reached at Chicago-based United Air Lines Employees, declined to comment.
Robert Thurman, the U.S. Central director who is leading the executive search, also declined comment.
"Personnel issues are not something I believe that are appropriate to be discussed," Mr. Thurman said.
Corporate officials have been grumbling about U.S. Central going five months without a new president. They have also complained that they have no idea of how the search is progressing.
Adding to their anxiety is U.S. Central's lack of a permanent management team at a time when it is operating under a Camel 4, the second-worst performance rating.
The Camel scale grades institutions according to capital, assets, management, earnings, and liquidity on a 1 to 5 scale, with 1 being the best.
The National Credit Union Administration cited inadequate capital, earnings, and management.
Also, corporate officials hope a new chief will be named before the NCUA issues new regulations that would tighten investment powers and increase capital requirements for the liquidity centers.
Because it has a 4, U.S. Central must submit the names of candidates to the NCUA, which has veto power over them.
