Georgia Regulator Calls Out False CU
In a cease and desist order, Georgia’s chief regulator, Robert Braswell, has told a suburban Atlanta firm, Georgia Entertainer’s Credit Union, to stop calling itself a credit union.
The order was issued following an earlier agency warning sent to the firm. Braswell, the state’s commissioner of banking and finance, said the agency “has no record of Georgia Entertainer’s Credit Union and has not approved this entity to organize a credit union or conduct a credit union business in Georgia.”
The firm’s website and a recorded message promotes “exceptional events and services” and asks potential members to fill out “a mandatory form to receive the benefits” of membership. The message states that the GECU is “not open to take your savings dollars at our branch” but urges consumers to sign up online.
Braswell’s office, citing the false claims that GECU “is purporting to offer membership in the nonexistent” GECU has asked the firm’s manager, Aneesah Bray-LaStrape, to refund customers money and to stop marketing itself as a credit union. The agency has warned GECU that the case would be referred to the state’s attorney general if no response is received by July 18.
Calls to GECU, which has a Smyrna address, were not returned.
The website said GECU was started last March and “has been recruiting member-owners in and around the metropolitan Atlanta area, informing them of our exceptional financial products.”
GECU “is growing its membership to over 5,000 with estimated assets of over $1 million. They have two full-time employees and one part-time employee with a main office and a branch office.” The GECU will offer “its members a full service website that allows for true banking from home functionality” providing user ability to apply for loans, get account balances and transfer funds. “Members can also take advantage of a full array of loans,” said the site.