WASHINGTON - The government has moved to torpedo Lusitania Federal Credit Union's plans to switch to a thrift charter, sources said.

The National Credit Union Administration's March 1 decision, made during a closed board meeting, was expected. The regulator has taken a hard line against credit union conversions.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.