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News Now

Washington
Vensure files challenge to NCUA conservatorship
WASHINGTON (4/27/11)--Vensure FCU this week challenged the National Credit Union Administration’s (NCUA) move that placed the Mesa, Ariz.-based credit union into conservatorship on April 15, claiming that the NCUA’s action “was arbitrary and capricious and threatens to significantly damage or destroy” the credit union. The credit union has elected to open its case in the U.S. District Court for the District of Columbia. The credit union in its complaint challenged the NCUA’s conservatorship, saying that the agency’s conservatorship order “contained only cursory and incomplete facts to support the grounds for conservancy and included no exhibits, appendices or empirical data in support.” The credit union also noted that the NCUA “took possession of the very financial records [the credit union] needs to demonstrate that conservatorship is improper.” The plaintiff, Vensure, in an expedited motion for discovery has asked the NCUA to provide “the factual basis” for the credit union’s conservatorship, the facts and circumstances that led to the decision to conserve the credit union, information on the credit union’s compliance with NCUA regulations, and any audits and examinations that have been completed over the past five years. A full hearing has not yet been scheduled. An NCUA representative told News Now that the agency does not comment on ongoing legal matters. Vensure FCU serves employees of Vensure Employer Services, Inc., employees of various related companies, and their families. The NCUA in announcing the conservatorship said that it is authorized under the Federal Credit Union Act to appoint itself as conservator "to conserve the assets of a federally insured credit union, protect members' interests, or protect the National Credit Union Share Insurance Fund." News accounts have said that the credit union was one of 16 financial institutions that allegedly held funds tied to recent Federal Bureau of Investigation actions taken against online gambling sites PokerStars, Full Tilt Poker and Absolute Poker. Vensure is one of three federally insured credit unions to be placed into conservatorship this year.


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