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Cheney “Disappointed” with NCUA’s Amended WesCorp ChargesBill Cheney

September 2, 2010 – Credit Union Times

CUNA CEO Bill Cheney said he is “disappointed” NCUA has chosen to pursue gross negligence and breach of fiduciary duties charges against him in the Western Corporate FCU lawsuit.

“I completed my board service in February 2006, before the securities that caused the majority of losses at WesCorp were purchased in a period when NCUA had an examiner on-site at WesCorp,” Cheney said in a statement yesterday.

NCUA claims in court documents WesCorp dramatically changed its asset liability management strategy beginning in 2002 when former CEO Robert Siravo was hired. WesCorp increased borrowings from $420 million to $1.28 billion during Siravo’s first two years on the job.   Read Full Article
     

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