Not long after Alabama One Credit Union was released from conservatorship following a return to profitability, the credit union's former CEO fired back at the Alabama Credit Union Administration, criticizing the regulator and calling the conservatorship process meaningless.

“The ACUA cannot ‘return’ that which it never legally ‘possessed,’” ousted CEO John Dee Carruth said in a statement to the press. “For almost 17 months, I and the other employees -- along with the board of directors and supervisory committee -- dismissed from Alabama One by the ACUA have sought to have our statutorily granted day in court, and we are still waiting for that day to happen.”

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