Lafayette FCU ‘Disappointed’ in Auditors Action on Bank Bid

KENSINGTON, Md. – Management of Lafayette FCU told members yesterday they were disappointed their auditors had withdrawn their certification of the conversion to bank and were awaiting additional information. The credit union management, which has refused all media inquiries since the vote came into question over the past few weeks, expressed it position in a notice posted on its website yesterday. The credit union told members it had been notified by national auditing firm RSM McGladrey that because of questions raised by NCUA it had discovered errors in the vote to switch to bank, which passed by just 18 votes out of almost 5,100 cast. Because the questions could impact the vote, the auditors withdrew their certification while it reviews the issues raised by NCUA.