Wednesday, April 9, 2008

CEO of U.K.'s largest CU to resign after inquiry

YORKSHIRE, U.K. (4/8/08)--The CEO of the largest credit union in the United Kingdom is resigning after an inquiry into lending activities at the credit union was made public.

Sue Davenport, CEO of Leeds City CU (LCCU), will leave the position, effective next month. A statement issued by the credit union said she was pleased to have been part of the team who made Leeds one of the top credit unions in the country but wanted a quieter life (Yorkshire Post April 7).

The newspaper reported an internal panel had been set up to investigate the credit union's management concerning loans made to a family member and to the credit union's staff. The newspaper said the loans were made on favorable terms in violation of the credit union's bylaws.

A three-member panel of directors of the credit union was split on its findings but details of the majority and minority reports were unavailable.

courtesy of

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