Screen_Shot_2015-08-21_at_8.17.28_PMAs you heard, one of the accusations made against Gomez by the Board of Directors has to do with unauthorized loan and interest write offs. As it refers to the write offs Gomez has stated that it was mentioned in her letter of termination. But one person that is not buying that reason or any of the remaining 10 mentioned by the president of the Board of Directors Ena Martinez, as a reasonable cause for Gomez’s termination is Emory Jacobs. Jacob’s is the former president and vice president of the Board of Directors and he is also a member/owner of the institution. He told us today the board has got it all wrong and shared that when it comes to write offs, it has to be authorized by the board of directors.


Emory Jacobs- Former President, LICU Board of Directors

“The way the Board run the Credit Union is that on a monthly basis we have management meetings, the manager would present the financials to the Board a copy to each member before the meeting so you could have time to go through it read it and understand it and write down whatever question you may want to ask the manager and that is the way it has been done monthly and if there is any cash shortage you would get it on a monthly basis and you could question it but no five hundred thousand dollars can jump out and appear now in the figures that is craziness I would never support that they cannot prove that.”


“Apart from the write offs as you mentioned that only the Board of Directors has the authority to do so and that is something that you say it is mentioned in your letter, what else is there in the credit Union that only the Board can approve or disapprove or it is just the write offs?”

Emory Jacobs- Former President, LICU Board of Directors

“We have a policy I think we upgrade the amount that the manager can authorize loan, I talking about loans now, I think we raise that to about sixty to seventy five thousand dollars the manager can approve that but anything over that amount has to come to the Board and whenever a loan request is presented to the Board the credit department they represent the application with copies of their land title, with copies approve how will they pay the loan the entire file and all the necessary information from that customer to prove that they can pay this loan and that is circulated to all board members so that they can read interpret and understand and decide if they want to approve the loan, that is the procedure how its worked.”

What exactly will take place tomorrow is anybody’s guess but according to Jacobs, the members/owners have the right to demand concrete answers from the board of directors and even go further.

Emory Jacobs- Former President, LICU Board of Directors

“You a lot of member who has large accounts who are announcing their mistrust in this new Board and considering withdrawing their funds from the Credit Union so I just want to advise them in order to keep the Credit Union strong advise them that the Board is not untouchable, in the Credit Union by-laws section 11(d) it states for this same Special General Meeting if you the members are not happy with what the Board is doing you can pass a resolution which must be minute at that meeting that you have no confidence in this board and the governor of the Central Bank has to tell them to vacate their post, the members can pass that resolution under the section of the by-laws of LICU we have no confidence on this board and we pass a no confidence motion and ones that is ass the Central has to move them.”


CTV3 News will be present at the meeting tomorrow and bring you all the details in Monday’s newscast.

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