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News and Insights

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$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...

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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 ...

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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...

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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...

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CONGRESS

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...

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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 ...

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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...

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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...

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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...

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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...

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