A close-up look at a dozen cases by insiders and members that cost credit unions more than $185 million, and often, their very existence.
The email from a usually voluble credit union executive who had been asked to comment on the secrecy that surrounds compensation of top managers at federally chartered credit unions said, “Too touchy of a subject for me. Sorry.”
Matching contributions to employee 401(k) plans had either been scaled way back or completely eliminated as firms looked for ways to rehydrate dry revenue streams to weather the Great Recession years of 2008 and 2009.
Some companies are matching contributions again. Find out more in this print preview from next week's Credit Union Times.
The NCUA announced Tuesday it has revised its definition of a “fleet” of vehicles to five or more for purposes of member business lending.
Ignacio Morales, former CEO of the $7 million Borinquen Federal Credit Union, pleaded guilty Sept. 4 to embezzling $2.3 million and causing the institution’s 2011 collapse. And, according to court documents, a former board member may also be guilty of defrauding the community development credit union.
Defunct Philadelphia credit union's manager pleads guilty, faces Dec. 7 sentencing on charges that include embezzlment, drug dealing.
Credit unions that received a notice from the IRS informing them that their tax-exempt status had been revoked due to improper filing now have specific instructions on how to have it restored.
Ignacio Morales, former manager of the failed $7 million Borinquen FCU in Philadelphia, had a good reason to not show up in court on embezzlement charges.
Letter lays out how credit unions told they have no tax exemption can prove that's not so.