RACINE, Wis.-The state's auto dealers lobby, which succeeded in forcing Educators CU to divest its auto sales business, filed suit last month challenging the 18 months state regulators gave the credit union to wind down its business.
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The suit, filed by the Wisconsin Automobile and Truck Dealers Association, asks for a court judgment that the Office of Credit Unions did not have the authority to offer the $900-million credit union the deal it did. The order gave Educators several options, including getting the state law changed by the April 2010 divestiture date; or getting the state regulation changed to allow for the auto sales.
