The Department of Financial Institutions
It's interesting to discover that the Department of Financial Institutions ("DFI") like Priority One Credit Union, will refer to its statutes when conveniently ignoring any person's concerns.
Over the past few weeks, we've received emails and comments in which readers ask why the DFI has not been contacted about the allegations of abuses leveled against Priority One's abherrent President, Charles R. Wiggington, Sr. We have no way of knowing if people have complained to the DFI and if so, how the DFI responded. Based on the fact that the President's abuses appear to be accelerating, we'd surmise that the DFI has not been contacted.
We know that during the past three weeks, three complaints were sent to the NCUA but those concerns were forwarded to the DFI for response. Its a seemingly vicious circle but typical of the bureaucratic systems in place, allegedly designed to resolve problems but which at times, only seem intended to dissuade grievants.
On March 12, 2009, we received the following email: .
March 12, 2009
This e-mail is to acknowledge our receipt of your e-mail on March 2, 2009. The entity you are inquiring about is regulated by the California Department of Financial Institutions and we have forwarded your e-mail to them to investigate and respond to you directly.
Please use the contact information below to inquire on the status of your complaint:
California Department of Financial Institutions
1810 13th Street
Sacramento, CA 95814-7118
P. (800) 622-0620
F. (916) 445-2123
Sincerely, Federal Reserve Consumer Help Center
We have no idea what time frame is allotted the DFI to investigate any company. It will be interesting to see when an inquiry will begin or if, an investigation will begin.A few weeks ago a reader posted that the DFI requires 30 to 90 days in which to complete any investigation.
Priority One's Board is not going to call President Wiggington into check. Their behaviors show they are more invested in covering up his violations of state and federal laws, then rectifying the damages he's caused which have pushed Priority One into a cycle of losses. They've also shown that they indeed believe that what Priority One needs is a "Black President", not matter the cost or injury.