The $38 million Technicolor Federal Credit Union was closed June 30 to investigate "employees who overstepped their bounds," but CEO Eric Dosch said the investigation is internal, and the NCUA is not involved.
The Burbank, Calif.-based credit union has 12 employees total; Dosch would not say how many were involved in the alleged "policy and procedure violations," but confirmed that when Technicolor reopened July 1, it was staffed with employees borrowed from neighboring credit unions.
When asked if the credit union will file criminal charges against the employees, Dosch said he couldn't comment further on the investigation.
NCUA Spokesman John McKechnie said Technicolor FCU is "under normal supervision."
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