Authorities Investigating Police Credit Union in Kentucky
State and federal authorities are investigating suspected theft at the $28.7 million Louisville Metro Police Officers Credit Union, according to police and the Kentucky state regulator.
“The Louisville Metro Police Officers Credit Union reported a suspected theft to law enforcement officials and the (Kentucky) Department of Financial Institutions,” DFI spokeswoman Elizabeth Goss Kuhn, said in a prepared statement. “DFI is conducting an examination of the credit union, and as part of that process, will examine the reported theft.”
Dwight Mitchell of the LMPD confirmed a “theft-related incident” was reported to police last week. Although the department’s financial crimes unit initiated an investigation, it was handed over to the FBI, Mitchell said.
“Representatives from DFI, including department examiners, are working closely with law enforcement and the staff and board of directors of the credit union,” Kuhn said. “The credit union’s board and staff are working to ensure all members of the credit union have access to financial services. If a credit union member has a question or concern, DFI recommends contacting the credit union directly for assistance.”
Cole McCollum, an AVP and compliance officer for the credit union, declined comment. He also would not comment on a local media report that a credit union vice president had been suspended and that the alleged theft report involved a number of fake loans that were allegedly made in police officers’ names.
Louisville Metro Police Officers CU President/CEO Sharon L. Burden did not return CU Times email and phone messages seeking comment. The NCUA also declined comment.
According to third quarter NCUA financial performance reports, the credit union is well capitalized and profitable with a net worth of 11.28% and an ROAA of 1.41%.
Louisville Metro Police Officers CU serves 3,564 members, operates two branches and employs 10 full-time staff.