ALEXANDRIA, Va.–In the administrative charges NCUA has filed against a former CEO, it is being alleged that he may have committed one of the largest and long-lasting frauds in credit union history, with allegations including the personal approval of more than $185 million in questionable loans, free luxury trips and other travel for himself and wife from the New York Jets and other vendors, a free residence, a bogus naming rights deal, and even free limousine rides for himself and his extended family.
Fresh Today
YUBA CITY, Calif.—Eighteen large wildfires burning across California have credit unions scrambling to respond as their members, staff and operations are all affected. The fires to date have scorched a combined 559,000 acres.
WASHINGTON—The Fannie Mae Home Purchase Sentiment Index (HPSI) fell in July for the second consecutive month, dropping 4.2 points to 86.5, after reaching survey highs in April and May.
WASHINGTON—The Financial Crimes Enforcement Network's (FinCEN) limited 90-day exemption to covered financial institutions from obligations under its customer due diligence (CDD) rule expires Friday.
ST. PETERSBURG, Fla.–PSCU said it has partnered with Ondot, a provider of mobile payments and services, to further enhance the credit union member experience through a comprehensive Alerts and Controls solution.
WASHINGTON—The Small Business Administration’s (SBA) Office of Advocacy has written to the Federal Communications Commission (FCC) sharing credit union concerns with the Telephone Consumer Protection Act (TCPA).
EVERETT, Mass.–Two Massachusetts credit unions have opted to form a larger mass. The $49-million Everett Credit Union said it will merge into the $250-million Members Plus CU in Medford in a deal expected to be finalized this year.
AUSTIN, Texas–FirstClose, a provider of technology solutions for mortgage lenders, is reporting it has processed $7.1 billion in loans for its customers located in all 50 states since the beginning of 2017.
ARLINGTON, Texas–A member of Texas Trust Credit Union here is the grand prize winner of “Priceless Surprise” contest sponsored by Mastercard and Jack Henry & Associates. The prize is a trip for two to New York City.
NEW YORK—An underground crime network is showing the masses how to commit a specific form of credit card fraud via YouTube tutorials.