The former board members of Western Corporate Federal Credit Union announced yesterday that they wouldn't mount a legal challenge against NCUA's decision to place WesCorp into conservatorship.
The board said in a statement that any litigation "would be very problematic and the cost extraordinarily high given the likely outcome."
NCUA placed WesCorp and U.S. Central Federal Credit Union into conservatorship on March 20 after determining from stress tests that both had "an unacceptably high concentration of risk."
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