Wallingford Municipal FCU settles with former employee over Social Security funds that were seized and applied toward a bad loan.
Some credit unions are betting they can succeed where the big banks have decided not to try anymore.
Some credit unions are betting they can succeed where banks have failed.
Average monthly benefit was $1,134.86.
Heather Anderson’s Oct. 2 article, The Lowdown on Serving Low-Income Populations: Executive Editor’s Column, presented an honest and unbiased view of the challenges in providing financial services to less-affluent members of society: the population the credit union movement came into existence to serve.
Former employee had cosigned on defaulted loan.
A former employee and member of the $18.6 million Wallingford Municipal Federal Credit Union was awarded more than $200,000 after a judge ruled the Wallingford, Conn., cooperative committed theft when it seized the woman’s $13,801 Social Security disability benefit.
State judge rules that Wallingford Municipal Federal Credit Union stole protected benefits to repay defaulted loan.
Credit unions that receive garnishment orders for accounts that receive federal benefit payments via direct deposit soon must provide member access.
NCUA Chairman Debbie Matz last week announced the selection of James Hagen as the agency’s next inspector general. Hagen, the current deputy inspector general for audit, will assume his new post June 1. He will succeed William DeSarno, who is retiring.