Financial fraud concept

$40 Million in Member Funds Down the Drain. NCUA: Sit Up and Take Notice

The first credit union failure of the year has occurred – and while we may have seen it coming, the National Credit Union Administration apparently (again) did not. In late March, NCUA announced the l...

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‘Nonprofit’ Maine Credit Union Selling $2 Million Luxury Condo

One credit union here has an unusual item for sale: a $2-million condominium. cPort Credit Union has listed a luxury condo on the top two floors of its newest branch in Portland’s East End. The 2,5...

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Credit Unions Soar Away From Their Mission….with Airplane Loans

Looking to buy your own personal plane? Yeah…me neither. But for those of us who are, credit unions have you covered! A recent report by CU Journal revealed that credit unions in states such as Florid...

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Credit Unions’ Top Priorities on the Hill in 2019? Killing Transparency, Preserving Millionaire Compensation

No shame in the credit union industry’s game. Earlier this week, Jim Nussle, president and CEO of the Credit Union National Association (CUNA), one of the largest industry trade groups, sent a letter ...

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Here’s What You Missed at the CUNA Governmental Affairs Conference

On March 10-14, the Credit Union National Association (CUNA) hosted its annual Governmental Affairs Conference in Washington, DC. Sorry you missed it? We’re happy to provide a review of the highlights...

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VyStar Shoots for Meteoric Growth at Taxpayer Expense with Small Bank Purchase

Never-ending acquisitions for large, federal income tax-exempt credit unions! In yet another attempt to grow at “no speed limits,” a massive credit union has used its taxpayer-backed dollars to purcha...

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Everything’s Bigger in Texas…Now Including PenFed

After an 18-month search over 100 cities in all 50 states, PenFed has finally decided where it will establish its $48 million, 300,000 square feet regional financial center: San Antonio! Never mind th...

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NCUA’s Failures Drive PenFed’s Greed

PenFed is quickly turning into the poster child for credit union industry problems. The $24.5 billion credit union recently announced its acquisition of Progressive Credit Union, a New York-based cred...

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By Acquiring Progressive, PenFed Could Be Allowed to Serve Anyone

PenFed announced Wednesday that it has acquired Progressive Credit Union, a New York City-based credit union that has suffered heavy losses because of its taxi medallion loans. The NCUA approved th...

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Kam Wong Municipal credit union embezzelment

Kam Wong Pleads Guilty to $9.8 Million Embezzlement After Admitting to Receiving Drugs from Supervisory Member

In June 2018, Municipal Credit Union CEO Kam Wong was charged with embezzlement and accused of using members’ money to maintain a lavish lifestyle, despite already earning a $2 million salary.&n...

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