Members Seek To Topple The Board At U.S. Senate FCU
Irate members of U.S. Senate FCU, one of the most prominent credit unions in the country
"I, quite frankly, as a member, am outraged at the conduct of this board," said Cathy Nagle, a staffer for Sen. Bob
"They're looking, in essence, to throw out the rascals. It was an effort to subvert the democratic process," said a
By the end of last week the members had collected more than the 200 signatures needed on a petition aimed at
Credit union bylaws allow for a simple majority of members attending a special meeting to vote on the recall.
Gray, who was bewildered by the recall effort, said last week he believes the board acted properly during the special
"No, it wasn't improper," said Gray. "The (credit union's) bylaws and regulations allow us to do that. It wasn't
The rare recall initiative is a direct result of a long-simmering feud between the incumbent board members and a
Prior to this year's election United States Senate FCU, which claims as many as 25 U.S. senators and thousands of
Indeed, the very fact that no elections had been held was called into question as well when three outsiders tried to
"There were no ballots mailed, no results, no elections, no effort to recruit new board members," said Judy Rainey,
Ironically, the fight over the board does not appear to involve any allegations of mismanagement or disagreements
When it became apparent that three newcomers were about to be elected to the panel and three incumbents were to
Two past board members, rather than be part of the newly expanded board, opted to step down. anthony zagami, a
Incumbents Russell Jackson and Normandie chose to retain their seats (CUJ April 8).
The controversy has spread through the halls of Congress just as lawmakers are finishing up debate on reform of
Nagle, friends with at least one of the newly elected directors, said her anger is shared by hundreds of credit union
"I just know that we are all appalled. That's why we're doing it," she said.
Late last week the endangered board members were trying to broker a compromise deal to convince the peitioners to
But an offer from the petitioners, that the two incumbents added by the special board vote resign, was rejected out of
A reduction in the board back to its previous size is prohibited by the credit union's bylaws.
If the insurgents are successful in toppling the board majority, then it would be up to the surviving board members to