let us now return to yesteryears of 1980s when credit unions made lots of 'questionable' loans, when developers could go in - and with little or no collateral - be given multiple millions of dollars to start new real estate projects...
I understand rhode island has obscure state statute dating to New Deal era granting governor power to close financial institutions in crisis, guy named Sundlun is apparently only governor to ever exercise this power, closing all of state's credit unions in 1991 upon his taking office.... Any listers have more info on this matter, anything about the law itself, what happened after cr's were shut down, any new regulatory measures enacted, amount of indebtedness state assumed... thanks much, michael hoover
