Court Battle Looms Over Texas CUConversions

Register now

ALEXANDRIA, Va. - (05/31/05) -- The controversy over mail ballotsfor the two biggest credit union conversions, Community CU andOmniAmerican CU, appeared headed for the courtroom last week afterNCUA said its decision invalidating the voting of the two creditunion giants was non-negotiable. An NCUA spokesman said the agencyruling on the ballots was not open to subject to appeal. "Thedecisions are final," Nicholas Owens, a spokesman for the agency,told The Credit Union Journal. Representatives for the two Texascredit unions said they were reviewing their options but concededtheir options were limited and that litigation challenging NCUA'sruling was a possibility.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER