Will NCUA fire the management and board of directors at U.S. Central and WesCorp?
As with any conservatorship, NCUA assumes direct control of these institutions by removing the board of directors and acting in their place. NCUAs actions in these cases include changes in senior management at these two institutions. NCUA has hired well-qualified external Conservatorship Managers to run operations under NCUA guidance. All operational staff integral to the daily mission critical functions, such as payment systems and liquidity management, are being retained to ensure business as usual operations.
