Stacks of money. Twenty dollars. 3D illustration.

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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Two hands of businessmen passing a stack of dollars

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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Stack of files and paperwork

While Other Nonprofits Struggle with Reporting Responsibilities…Credit Unions Get Off Scot-Free

The Treasury Department is trying to blunt the impact of an unpopular new tax on churches and other nonprofits. The agency released interim regulations today spelling out exactly how the tax...

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American Capitol Hill Building with tree and blue sky, Washington DC, USA

Congressional Crackdown on NCUA Looming?

The recent WSJ piece regarding PenFed’s unsatisfactory anti-money laundering program and NCUA’s inability as a regulator to keep one of the biggest credit unions in check should be a massive reminder ...

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Money being cut showing cutbacks or wasteful spending

Money Is Power, and NCUA Is About to Have None

Once again credit unions are gaming the system, this time by trying to defund their own regulator. Large credit unions pushed for several provisions in a new financial deregulation bill that would all...

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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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credit unions not paying taxes

After Failure of Six Large Credit Unions, NCUA’s Share Insurance Fund Drops by Nearly $750 Million

Fueled by the failures of six credit unions this year, the NCUA’s Share Insurance Fund reserves had dropped $744.9 million by the end of the year’s 3rd Quarter, agency officials said Thursday. Despite...

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people, saving, cash, withdrawal and finance concept - customer hands with money at bank office or currency exchanger

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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Is NCUA on Permanent Vacation?

If you’re driving on a freeway and know there won’t be a cop for miles, will you follow speed limits anyway? Maybe not. And if you run America’s second largest credit union and know the cops either ar...

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assorted open law books with legal gavel, in dramatic light

IRS Revokes Credit Union Tax Exemption After “Unsafe and Unsound” Practices

The IRS has revoked the tax-exempt status of a financially troubled California credit union. The Jones Methodist Church Credit Union in San Francisco, chartered in 1953 for its members who were being ...

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