Directors Resign In Travel ExpenseProbe

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BOSTON - (12/02/05) -- Eight of the 15 directors at MBTAEmployees CU abruptly resigned Thursday, just before they werescheduled to meet with state regulators to review an audit thatfound questionable travel reimbursements of trips to conferences bysome of them. The written resignations were delivered to the stateBanking Division just hours before the whole board was scheduled tomeet with Banking Commissioner Steven Antonakes, according toreports. The directors were all current or former employees of theMassachusetts Bay Transportation Authority. The audit focused onreimbursements paid by the credit union for out-of-stateconferences. Officials said the issue has not adversely affectedthe financial condition of the $180 million credit union, which issound.

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