STUDIO CITY, Calif.–A class action lawsuit that is seeking at least $40 million in damages has been filed against former members of the board and the supervisory committee of the now defunct CBS Employees FCU, which was conserved by NCUA earlier this year amid allegations the former CEO had embezzled funds that were twice the reported asset size of the credit union.
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WASHINGTON — The Consumer Financial Protection Bureau announced a proposed settlement with ITT Educational Services, Inc., the defunct private school that has also resulted in tens of millions of dollars in losses for a number of credit unions.
WASHINGTON—With Congress in recess, the credit union trade groups are focused on reaching representatives while they are at home, while not expecting new attention on gun legislation to delay priorities when Congress returns.
BIRMINGHAM, Ala.—Responding to banker criticism of CU acquisitions of banks, Patrick La Pine, CEO of the League of Southeastern Credit Unions, wrote in an opinion piece such purchases are a “win-win” for consumers, communities and the respective financial institutions.
SCHAUMBURG, Ill.–Two Illinois CUs have announced plans to merge and create a more than $2-billion institution.
NORTH CHESTERFIELD, Va.–This state’s bankers are pushing back on a plan by Virginia Credit Union to expand its field of membership.
LOS ALAMOS, N.M. –Zia Credit Union has named a new CEO. The $145-million ZCU said it has selected Dwayne Herrera to lead the organization and replace David Woodruff, who left Zia to become CEO at APL Federal Credit Union in Laurel, Md., in March of this year.
ARLINGTON, Va.—NAFCU has made a donation to the African-American Credit Union Coalition’s Pete Crear Scholarship Fund in honor of Maurice Smith.
NEW YORK—Some Canadian consumers have had their credit card debt erased by one bank. Chase Bank says it is forgiving all outstanding debt owed by users of its two Canadian credit cards as it exits the market.
WASHINGTON–The Consumer Financial Protection Bureau has issued a new report noting some consumers have expressed concern over its practice of forwarding complaints received from other federal financial regulatory agencies on to the companies being complained about. The CFPB said the practice is just one of its internal practices.