It was George E.P. Box, the eminent statistician, who said, “Essentially, all models are wrong but some are useful.”
Internal fraud as the largest source of credit union losses is nothing new.
Strong internal controls are just one source of prevention.
Golden State credit union leaders gather in Los Angeles this week for their league's annual meeting and convention.
Experts say SchoolsFirst VP David Lugo's brazen $2.6 million computer heist exposes industry-wide gaps in IT controls.
Former IT VP steals and resells computer equipment and spends funds on family luxuries.
CUNA paid its CEO more than double the salary that NAFCU did in 2013, according to forms filed with the IRS.
The former CEO earned a total package of $1,310,479 in 2013. Learn what other CUNA executives earned last year.
Both consumers and the entities about which they complain will post their stories online.
Thanks to low yields and rising interest rates, credit unions could see increased early withdrawal penalties.