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Norlarco Conservatorship May Boost Transparency Efforts

Now facing a stream of angry reactions to the "mum's the word" handling of the NCUA conservatorship of Norlarco Credit Union here, Chris Myklebust, state commissioner of financial services will also have to cope with state legislators who vowed to revisit a state statute that in fact did not exist.

By Staff Writer | Updated on September 04, 2007

FORT COLLINS, Colo. — Now facing a stream of angry reactions to the “mum’s the word” handling of the NCUA conservatorship of Norlarco Credit Union here, Chris Myklebust, state commissioner of financial services will also have to cope with state legislators who vowed to revisit a state statute that in fact did not exist.

“It seems the Watergate lesson has been lost,” said one credit union CEO, who asked to speak on background. “I’m sure the employees at Norlarco have had, and continue to have a hard time with this secret handling of what happened. It’s always better to deal with problems in an open manner, rather than trying to cover them up. In the end, it just backfires. The membership can’t be feeling very confident about how this was handled.”

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