In the last 10 years, 192 credit unions have failed. Fraud contributed to more than 40%, or 78 of those federally insured cooperatives, closing their doors forever. Moreover, from 2009 to 2013, 46% of claim dollars paid under CUNA Mutual Group’s fidelity bond coverage involved employee dishonesty.

Although many fraud cases don’t lead to a credit union’s failure, they certainly cause financial losses, higher insurance costs, and damage the cooperative’s reputation, could mean even greater financial losses.

Peter Westerman


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.