Michael J. Sorba, Staff Writer
Created: 07/16/2010 06:00:52 PM PDT
Inland Empire economist John Husing is seeking support signatures for a letter he will send to the National Credit Union Administration, local Congressional representatives and the interim CEO of Arrowhead Credit Union condemning the federal government’s seizure of the institution.
The NCUA, the federal regulatory agency governing credit unions, seized Arrowhead Credit Union on June 25 citing its “declining financial condition.”
NCUA officials have said Arrowhead reported faulty financial numbers in March, but the agency hasn’t provided proof backing the statement, Husing said.
“There are a lot of community leaders who are as outraged as I am with them stepping in and taking over an organization,” Husing said. “It’s now in the hands of people who have no clue about this area and the rhythm in which this economy moves.”
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