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House pushes for credit union’s accountability
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Posted on Oct 28 2004
House Speaker Benigno R. Fitial met with representatives of the Commonwealth Government Employees Credit Union yesterday to discuss the institution’s financial standing and ensure that members of the old credit union are adequately protected from further financial losses.
According to Fitial, the current credit union is operating quite apart from the original credit union, which became insolvent in the mid 1990s.
The new credit union was created to replace the original credit union and has not commingled funds with the original one, which has been in receivership since it collapsed in 1995.
Fitial’s interest in the government-operated credit union was prompted by calls from his constituents, including old credit union shareholders and their heirs, who have yet to receive their full shares.
Fitial met with the credit union’s manager and board chair to push for a full financial accounting of the old credit union and ensure that all members, or their heirs, eventually receive their deposits.
A representative from the CNMI Attorney General’s Office was also present in the meeting, which was held in the house speaker’s conference room.
“I want to emphasize the fact that the original credit union has been in receivership for the past nine years and all of the members or their heirs deserve a full accounting of their shares,” said Fitial.
Fitial is specifically calling for the preparation of an audited financial statement that fully discloses all assets and liabilities to determine the percentage of shareholders investments that will be returned to original credit union shareholders. (PR)
