Former Melrose CU CEO says NCUA charges part of a ‘cover up’

Alan Kaufman speaks with CU Times Wednesday and says he hopes to reveal the real story behind the allegations.

Alan S. Kaufman, who has been accused by the NCUA for allegedly violating laws and his fiduciary duties while he served as president/CEO of Melrose Credit Union, told CU Times that the federal agency’s allegations are part of a “cover up.”

“I mean (it’s) something the NCUA is trying to do to cover up for their mistakes with Uber, and I can’t say anything more than that right now,” Kaufman said in a phone interview Wednesday. “But hopefully I will, in the near future, be able to give you the real story behind this. I can’t really comment other than that.”

Kaufman said he is consulting with his lawyer. Although he has read the NCUA’s 26-page complaint, he said he could not provide specific comments about it. Kaufman is now working as an independent financial consultant in Jericho, N.Y.

Melrose is the industry’s largest lender of taxi medallions that have substantially declined in monetary value because of fierce competition from mobile phone app-based transportation providers such as Uber and Lyft. As a result, Melrose has lost hundreds of millions since 2016.


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