SACRAMENTO, Calif. — California regulators are warning against aphony “Power Pictures Credit Union” being operated in a Los Angelesoffice building.

“Power Pictures is not authorized to transact business in themanner of a credit union and is not authorized to transact businessunder a name which contains 'credit union,'” said an order issuedlast month by the California Department of FinancialInstitutions.

A spokeswoman for the department said these kinds of bogusfinancial institutions run by an individual or group can “pop upmaybe several times a year” though this was the first CUrecalled.

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