Former Credit Union CEO Charged with “Dishonesty and Unfitness to Serve” by NCUA

NCUA Seeks Millions from Melrose CU CEO for Breach of Duties

Alexandria, VA – 7 August 2018 – The National Credit Union Administration Board, under an infrequently used authority, has filed administrative charges against Alan S. Kaufman, former chief executive officer, treasurer, and board member of Melrose Credit Union. The NCUA is seeking a prohibition order against Kaufman and is requesting he be ordered to pay restitution of at least $3.5 million. In addition, the NCUA Board assessed Kaufman with a civil money penalty of $1 million.

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