The ousted board of a Brooklyn, N.Y.-based credit union is suing the National Credit Union Administration, claiming its dismissal was motivated by ethnic bias and based on outdated information.

Six former directors of Polish and Slavic Credit Union, including onetime general manager Marcin Sar, filed its suit April 28, less than two weeks after the regulator removed the six-member board and placed the $594 million-asset credit union into a conservatorship.

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.