Committed to Educating the Public About Today's Credit Unions

News and Insights

Handshake in front of business people

$1.1 billion IBM Southeast Employees’ Credit Union to Acquire $350 million The Oculina Bank

Another small bank has been absorbed by a massive credit union. From Bank Street Partners: DELRAY BEACH, FL (July 26, 2018) — The $1.1 billion IBM Southeast Employees’ Credit Union  (IB...

Read More
credit union ceo embezzlement

Louisville Metro Police Officers Credit Union closes amid FBI probe

Another Credit Union Closes After Claims of Fraud and Investigation by FBI. From the Courier Journal: The Louisville Metro Police Officers Credit Union has closed amid an FBI investigation and ...

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

Taxi Medallion Owners Fight Lender Accused of Hardball Tactics

From Daily News: A credit union that specializes in financing the yellow-taxi business is squeezing cab drivers and their families whose pieces of the American Dream were wrecked by competition from a...

Read More
Kam Wong Municipal credit union embezzelment

Credit Union CEO Admits to Million Dollar Theft

From Credit Union Times: Sherry Ann Allen stole more than $1.1 million from the Greater Eastern Credit Union by using a hidden transaction feature, knowing no one at the Johnson City, Tenn.-based coop...

Read More

Klein – A Compelling Argument for Congress to Reevaluate Credit Union Membership

From Aaron D. Klein of American Banker: The vast majority of credit unions in America happily serve their important mission of providing financial services to well-defined communities. A small handful...

Read More
Businessman with luggage standing by car and private jet at airport terminal

Municipal Credit Union CEO Embezzles Members’ Money, Despite Already Earning a $2 Million Salary

From Bob Hennelly, of The Chief: The Municipal Credit Union, whose longtime president and CEO has been accused of embezzling millions of dollars that he squandered playing the lottery and indulging a ...

Read More
closeup of a legal gavel on US cash

Former CEO of Credit Union Pleads Guilty to Theft and Tax Evasion

From WJHL News: The former CEO of a Johnson City credit union has pleaded guilty to theft and tax evasion.  Sherry Ann Allen, age 49 of Johnson City, pleaded guilty on Wednesday to embezzling mor...

Read More
credit union ceo embezzlement

CEO of Municipal Credit Union Charged With Fraud, Embezzlement

From Crain’s New York Business: The chief executive of New York’s Municipal Credit Union, Kam Wong, was charged with fraud and embezzlement by federal prosecutors today after allegedly bi...

Read More
Financial fraud concept

Former CEO of North Carolina Credit Union Charged With Embezzlement

From the Credit Union Times: A North Carolina federal grand jury on Friday indicted Saundra Torrence, a 27-year president/CEO of the $32 million First Legacy Community Credit Union, for allegedly embe...

Read More
taxi 3

Credit Unions Forced to Merge to Survive Taxi Medallion Losses

From the Credit Union Times: The NCUA’s approval of 29 mergers in January and February included the consolidation of an Arizona credit union that lost millions in taxi medallion participation loans, w...

Read More