|
|
Article: Federal regulator seizes Puerto Rico's corporate credit union. (National Credit Union Administration; Federacion de Cooperativas de Ahorro y Credito)
- Article from:
- American Banker
- Article date:
- September 16, 1994
- Author:
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
WASHINGTON -- The government has seized Puerto Rico's troubled corporate credit union.
The National Credit Union Administration said it acted Sept. 9 because the corporate board's nominees for manager were unacceptable.
Only once before had the regulator imposed a conservatorship on a corporate.
The Puerto Rico corporate, Federacion de Cooperativas de Ahorro y Credito, has been managed by Daniel Kampen, vice president and controller for U.S Central Credit Union, since May 30. That was when executive vice president Jose Marrero stepped down.
But Mr. Kampen is scheduled to return to U.S. Central on Sept. 30, which would leave the corporate leaderless.
"We ...