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

No shame in the credit union industry’s game. In a blog post published this week, one of the largest credit union industry trade groups spilled its lobbying strategy to combat the new 21 percent excis...

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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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Did A Massive Multistate Credit Union Just Kill Off Another Small Community Bank?

$1.7-billion Advia CU here announced it intends to buy $155-million Golden Eagle Community Bank in Woodstock, Ill. The deal, which still awaits bank shareholder and state and federal regulatory approv...

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Large Credit Unions Are Crushing Small Credit Unions & Community Banks

Did you know that just 5 percent of the ENTIRE credit union industry enjoys 75 percent of the tax exemption benefits? And it’s not the little guys who play by the rules and adhere to their original mi...

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CUNA Launches $7 Million Taxpayer Subsidized Political Campaign to Ensure They Continue NOT Paying Federal Income Taxes

CUNA has officially launched the first wave of their taxpayer subsidized political campaign. The $1.8 million spend, part of a larger $7 million taxpayer subsidized campaign, is a kickback to members ...

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PenFed Expansion Into the Ad Business Means More Profits and Less Taxes

Earlier this month, PenFed announced its “acquisition of the award winning, independent marketing services agency WHITE64.” Unsurprisingly, the price of the deal was “undisclosed.” You may not have he...

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