The Central Bank Governor also detailed what the new administrator's powers mean for the Credit Union's General Manager, the board of directors, and the Credit Union's supervisory Committee:
Kareem Michael, Governor, Central Bank
"Those powers that were previously held by the general manager no longer have those powers. Those powers now reside with the administrator. So, he is relieved of his duties and so is the board of directors. They are also relieved of their duties and powers. The administrator now has the powers to re-delegate if you will those powers back to the officers and other employees of the Credit Union if he so chooses."
Reporter:
"The supervisory committee do they remain in place?"
Kareem Michael, Governor, Central Bank
"Those supervisory committees and also the credit committee, they are also under now the directive of. The administrator but membership alone or for those committees remain the same."
Reporter:
"I understand that you all had sent a letter to the board of directors requesting that immediate steps be taken to recover monies paid out to Mr. Rafael Dominguez Sr. in regards to allegations of. Defamation of character, can you say what that amount was that was paid out to him? If it was?"
Kareem Michael, Governor, Central Bank
"The, the total amounts are in excess of $100,000.00, well in excess of it."
