The first credit union to apply for a mutual savings bank charter has run into opposition from the National Credit Union Administration.

Officials of Newark-based Lusitania Federal Credit Union fear the NCUA might take them over, just as in June it seized an Oklahoma institution that was contemplating converting its charter.

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.