AEA FCU Back From the Brink
Two years ago, AEA Federal Credit Union’s future looked bleak as it nearly succumbed to the greed of a lending officer who took the cooperative to the brink of collapse.
It was in December 2010 when the NCUA stepped in to place the $231 million Yuma, Ariz., credit union into conservatorship after an 11-month FBI investigation revealed that William Liddle, who worked as vice president of business services, was the mastermind behind the approval of business loans in an apparent kickback scheme.
“The decision to conserve AEA enabled us to continue normal credit union service to members with experienced management in place correcting previous service and operational weaknesses,” Fairbanks said.
AEA’s management team and staff introduced new services to the credit union’s 42,000 members this past year, the NCUA said. The credit union unveiled a new home banking website and mobile platform, launched a suite of checking accounts, created a direct auto lending platform and announced a fixed-rate Visa credit card program.