Alabama Credit Union Administration Chairman and Administrator Sarah Moore, along with at least two ACUA staff and at least two NCUA staff, met behind closed doors with the board of directors of the $602 million Alabama One Credit Union Thursday.
The cooperative had previously scheduled the 23 April board meeting and Alabama One CEO John Dee Carruth told a local media outlet that the regulators' presence was routine.
“[C]redit union routinely meets with its regulators from time to time. These meetings are always scheduled in advance. No one arrived unannounced,” Carruth told the Tuscaloosa News.
Ken Walters, a longtime Alabama One member, told CU Times he was at the credit union when the regulators arrived. Walters said he had come to the meeting to try to talk to the board about the way it had been managing the cooperative.
Walters said the regulators all wore black suits and some carried large books that appeared to contain computer printouts.
Walters added that they declined to sign into the building and went straight to the board meeting.
The regulators declined questions from local reporters on the scene and from Walters, he said, when they left the credit union.
Neither the ACUA nor the NCUA has yet commented on the meeting.
The NCUA scheduled a closed board meeting for April 29.
The agenda had three items, the first two related to an administrative and supervisory actions which were exempt for the open meeting requirement under regulation 791.12.
The agency exempted the meeting under 791.12(8) because it might “disclose information contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of Federal agencies responsible for the regulation or supervision of financial institutions,” according to the regulation.
NCUA also cited 791.12(9)(i)(B) which said an open meeting might be closed if it might “significantly endanger the stability of any financial institution” and 791.12(9)(ii) which said an open meeting might be closed if it could “be likely to significantly frustrate implementation of a proposed action.”
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