It's been about a year since two employees at the $1.6 million Enterprise Credit Union pleaded guilty to embezzling almost $1 million over a period of 10 years, but the topic still fuels the gossip mill in the small Kansas town. And, according to one prominent resident, the incident reduced residents' trust in the credit union industry and regulators.
"Everyone in town wonders how that much money could go missing over so many years without someone noticing it sooner," said Tom Decker, who for many years was mayor of the 855-resident town.
Decker, who belonged to the 478-member credit union when the fraud hit the fan last fall, said the problems prompted him and others to wonder whether credit union regulators are focusing enough attention on small institutions.
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