Vensure Federal Credit Union, the small Arizona CU the NCUA took over last week after one of its accounts was seized in a federal Internet gambling investigation, has sued the agency to prevent the takeover from continuing.
In a motion for a temporary restraining order filed in U.S. District Court in Washington, D.C., the credit union said it had complied with the agency's demand in early January that it stop processing ACH transactions for Trinity Global Corp., a payment processor for online poker sites PokerStars and Full Tilt Poker.
It also said that it had disclosed its relationship with Trinity as well as the nature of its services to the NCUA since the beginning and that its relationship with Trinity had given it some of the resources it was using to become a more traditional, albeit virtual, credit union.
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