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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 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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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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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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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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Are Credit Unions Practicing Predatory Lending?

Senator Elizabeth Warren (D-MA), who is no friend of big banks, recently asked a simple question: should credit unions have to adhere to the Community Reinvestment Act (CRA)? According the Office of t...

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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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