John Dee Carruth says the credit union's exceeding of the MBL cap is a result of varying opinions from regulators.
Priority One Credit Union says 12 fraudulent cashier's checks have been presented in the last four days.
Checks obtained in scheme were cashed at branches of Redstone FCU and Regions Bank, feds say.
Reducing deposit fraud cases is an important goal at any credit union. At University Federal Credit Union, one incident in particular triggered the need for a new solution that would allow it to take a preventative approach against this common form of fraud.
Credit unions must work together to outpace today’s fraudsters as Dodd-Frank change in withdrawal rules has unintended consequence.