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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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Macro view of yellow taxi sign on car in evening or night city street outdoors

Melrose CU Finally Closes After Taxi Medallion Losses…But Of Course, Another Large CU Picks Up the Pieces

ALEXANDRIA, Va. (Aug. 31, 2018) – The National Credit Union Administration today liquidated Melrose Credit Union of Briarwood, New York. Teachers Federal Credit Union, of Hauppauge, New York, imm...

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PenFed Credit Union Uses Tax Exemption to Buy Massive Ad Agency

TYSONS, VA (September 5, 2018) — PenFed Credit Union announced today its acquisition of the award winning, independent marketing services agency WHITE64, which has served as PenFed’s marketing an...

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