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Former MCU board members sue New York regulator

Municipal CU board members are suing the New York State Department of Financial Services, Credit Union Times reported.

After Kam Wong, former president and CEO of the credit union, was accused of stealing money, the board members were ousted for allegedly failing to perform their oversight duties and accepting compensation, the news outlet reported.

Seven out of the 10 Municipal CU's board members who were removed by Maria Vullo, the Superintendent of the state Department of Financial Services, filed a special proceedings legal action in New York County Supreme Court, Credit Union Times added.

The board members will request the judge to grant a temporary restraining order, a preliminary injunction and a permanent injunction to prevent the state regulator from appointing a new board and to reinstate the former board, in a hearing in October, the report added.