NCUA Ousts CEO at U.S. Central Federal Credit Union
Nance Replaced Because of "Divergent Views" The National Credit Union Administration (NCUA) has replaced the government-chosen head of U.S. Central Federal Credit Union in Lenexa, KS because of "divergent views" on the institution's future.The NCUA had appointed James Nance as CEO of U.S. Central after seizing the $31 billion corporate credit union in March. U.S. Central's earlier investment losses eroded its capital, triggering NCUA's takeover.
The NCUA says in a statement that the U.S. Central's board voted to replace Nance "due to divergent views about how to move U.S. Central forward." The board named Francois Henriquez, U.S. Central's senior vice president and general counsel, to act as interim CEO.
U.S. Central serves a network of corporate credit unions and has no retail customers. Nance had run U.S. Central's investment group in the early 1990s.
The replacement of Nance comes shortly after NCUA's new chairwoman was named. Debbie Matz, appointed by President Barack Obama, took office in August. She is holding a series of town-hall style meetings with credit unions across the nation to discuss, in part, what to do with the network of corporate credit unions.