The improved earnings picture for the NCUA-conserved Arrowhead Credit Union of San Bernardino, Calif., drew a critical jab from its former president/CEO Larry Sharp, who charged again that regulators acted hastily and arbitrarily in seizing the CU last June.

Citing what he said were puzzling and "ridiculous" aspects of the earnings statement showing a disproportionate high level of reserve allowances in light of a basically stable economic base,

Sharp said the NCUA had acted needlessly in "seriously harming a wonderful franchise."  

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