The Alabama Credit Union Administration's cease and desist order to the $613 million Alabama One Credit Union in Tuscaloosa, Ala. represented both good and bad news for Alabama's credit union regulatory system, according to Alabama legal sources.

While the April 2 order cited the credit union for numerous legal and regulatory violations, it came so late that observers wondered whether the ACUA could have stepped in earlier and prevented some of the damage.

One legal source, who worked on and off with the ACUA on cases involving credit union members, said his firm gradually decided that its efforts on behalf of credit union members were in vain because the agency never seemed to take any action.

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