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News Now

Washington
Nance removed as U.S. Central conservator manager
ALEXANDRIA, Va. (9/28/09)--U.S. Central Senior Vice President and General Counsel Francois Henriquez will step in as interim CEO after the U.S. Central Conservatorship Advisory Board voted to remove James Nance from his position as CEO, the National Credit Union Administration (NCUA) reported on Friday. Henriquez will oversee the activities of U.S. Central as the corporate credit union searches for a successor to Nance. In a statement, the NCUA said that while Nance "provided critical management skills" during U.S. Central's conservatorship, the decision to remove Nance from his position "was taken due to divergent views about how to move U.S. Central forward." In financial statements for the 2008 fiscal year released earlier this month, U.S. Central's auditors reported that the corporate credit union incurred an OTTI charge of $4.9 billion on its investments as of Dec. 31, 2008. To view an NCUA Frequently Asked Questions (FAQ) regarding the U.S. Central financial statement, use the resource link.


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