Does Challenge to Appointment of Conservator Require Quorum Vote of Credit Union Board?
United Telephone Credit Union, Inc. v. Kenneth A. Roberts, in his official Capacity as Acting Deputy Superintendent For Credit Union[s], Ohio Department of Commerce, Division of Financial Institutions, Case no. 2006-1174 10th District Court of Appeals (Franklin County) ISSUE: When the Ohio Department of Commerce, Division of Financial Institutions has invoked its statutory power to appoint a conservator to take control of the affairs of a credit union, may the credit union file a court challenge to the appointment of a conservator only if that action is endorsed by a quorum of its full Board of Directors? BACKGROUND: In February 2003, Kenneth Roberts, acting deputy superintendent of credit unions for the Ohio Department of Commerce, Division of Financial Institutions (DFI), invoked the power of the superintendent under R.C. 1733 and issued an order appointing a conservator to assume oversight and control of the United Telephone Credit Union (UTCU) and its assets. In May 2004, Natalie A
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