When asked for their opinion, most credit union leaders clammed up on the topic of the NCUA's recent cease and desist order against three former corporate executives.
However, most who did speak out were critical of the decision to ban former Western Corporate Federal Credit Union Chief Investment Officer Robert Burrell, former U.S. Central Federal Credit Union President/CEO Francis Lee and former Members United Corporate Federal Credit Union President/CEO Joseph Herbst from corporate credit unions, but not natural person credit unions.
Herbst is currently employed as senior vice president and chief strategic officer at the $2.3 billion Affinity Federal Credit Union in Basking Ridge, N.J., while Burrell has his own ALM advisory firm.
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