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.
This in-depth look at a conserved and now recovering Arizona credit union is a preview from next week's print edition of Credit Union Times.
Program ties $10,000 donation to community service organization to car loans cash back program.
A co-conspirator in the business lending kickback scheme that led to the collapse of AEA FCU has been sentenced to 24 months in prison.
Nearly a year after AEA Federal Credit Union was placed under NCUA conservatorship, the financial institution is in court trying to recover some of the funds it allegedly lost in millions of dollars of soured business loans.
Faces sentencing in October; admits paying kickbacks for $22 million in loans for now failed kids park and nightclub.
The NCUA, which over the weekend conserved AEA Federal Credit Union, reaffirmed Tuesday its policy of resolving CU failures on a case by case basis, choosing among liquidation, merger or ongoing preservation.
AEA Federal Credit Union in Yuma, Ariz., announced today it has been notified that the FBI has filed criminal charges with the U.S. Attorney's Office alleging fraudulent actions on the part of its former vice president of business services.