Microlender Seeking CU Charter in Political Power Struggle

There are conflicting reports on whether Muhammad Yunus, founder of Grameen Bank, a microlending bank formed in Bangladesh, has been forced out. The New York Times reported March 2 that Yunus was terminated as managing director of Grameen Bank, citing a statement from the bank's chairman, Muzammel Huq. The termination was allegedly due to improper oversight and governance, including an alleged $100 million donation by the Norwegian government for housing loans to another nonprofit affiliate of Grameen, among other factors, The Times reported. Grameen America is the New York-based affiliate of Grameen Bank. An association calling itself Friends of Grameen provided Credit Union Times with a March 1 statement denouncing Huq's actions and statements.