The Alabama Credit Union Administration told an Alabama court that a recent cease and desist order to the $613 million Alabama One Credit Union in Tuscaloosa represents the credit union's last chance to avoid conservatorship.
In a brief that alternated between blistering and incredulous, the ACUA's lawyers tore into Alabama One's arguments and presented evidence that the cease and desist order resulted from the credit union's repeated failure to comply with previous administrative remedies.
"A parsing of non-related sections of the Alabama Code to advance the position that a cease and desist order may not require a credit union to do something in response to the stated violations is preposterous," the ACUA declared in its argument.
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