15. Matz: Credit Unions Don't Represent Their Members

NCUA Chairman Debbie Matz drew the ire of credit union executives and Congress July 23 when she told Rep. Mick Mulvaney she doesn't believe that credit unions represent their members during a House Financial Services Committee subcommittee hearing.

The answer was in response to questions about the NCUA budget; Matz later clarified to CU Times that reducing the NCUA budget would result in less robust exams and more failed credit unions. Such action and share insurance fund expense would not represent the best interests of credit union members, Matz added.

Mulvaney called Matz' statement one of the most outrageous things he had heard since being elected to Congress and further discussed it during NAFCU's Congressional Caucus in September. The incident drew 4,000 readers.

14. Facebook Firestorm Burns Credit Union

Social media management was a hot topic in 2015. The year's biggest social media story involved the $1 billion Max Credit Union, which investigated an incident in which an employee commented about a member's account on Facebook. A local TV station reported that screenshots of the alleged post revealed the employee reported a negative member balance and included the hashtags "perks of my new job" and "I know everyone's dirt."

The credit union made members aware of the breach on its official Facebook page and received more than 60 comments from members and non-members, who both condemned the credit union and supported its transparency. The employee was placed on leave as the county sheriff's department conducted an investigation. The story attracted 4,400 readers.

13. Virginia CEO Embezzles $2 Million

In January, Claudia Rawes, manager/CEO of the $12 million Centra Health Credit Union, and two other employees, were placed on administrative leave following a state and federal examination.

Federal investigators announced in March they were investigating a potential $1.7 million theft at the Lynchburg, Va. cooperative. Rawes pleaded guilty to embezzling nearly $2 million and was sentenced in July to six and a half years in federal prison. The story drew more than 5,000 readers.

12. Ashley Madison Hack Includes NCUA Emails

In August, the data breach of online affair website Ashley Madison gained credit union attention when it was revealed that four NCUA work email addresses were among those compromised.

The story drew more than 6,700 readers.

11. OPM Breach Exposes Millions

In June, the Department of Homeland Security announced that suspected Chinese hackers breached the Office of Personnel Management, exposing the identities of millions of government workers. In June, security experts accused OPM of further compromising data when it notified government employees.

The massive breach attracted congressional scrutiny and spawned lawsuits. In total, 21.5 million records were compromised as a result of the breach.

Credit unions, which serve millions of government workers and contractors, were interested in the story, which attracted more than 7,000 readers.

10. PSCU Says Goodbye to Kelly, Hello Again to Fagan

On Feb. 9, PSCU announced it had parted ways with CEO Mike Kelly. He had been CEO for nearly four years and was the payments CUSO's second CEO ever, following the death of the St. Petersburg, Fla. organization's founder David Serlo.

He was replaced March 20 by Chuck Fagan, who had previously served as a PSCU executive under Serlo before leaving to take the top job at CUES.

Fagan spoke with CU Times about his vision for PSCU's future earlier this month. The turnover generated nearly 7,500 readers.

9. Kidnappers Strap Bomb to CFO

In February, the $113 million Achieve Financial Credit Union in Berlin, Conn. was the victim of a bizarre robbery attempt. In the early morning hours of Feb. 23, two male suspects confronted CFO Matthew Yussman as he arrived home, bound him and his mother and held them hostage in the home overnight. Later that morning, the suspects allegedly strapped a bomb to Yussman's body, forced him to drive to the credit union's New Britian branch and retrieve cash.

One month later, the investigation revealed that Yussman failed a polygraph test. His attorney disputed the test results. The case was transferred to the FBI in May after the state attorney office did not press charges. The investigation is ongoing and no arrests have been made.

Nearly 8,500 readers visited cutimes.com for details.

8. CFPB Demands Overdraft Data From Credit Union Core Processors

In May, CU Times revealed the CFPB ordered credit union core processors Fiserv and FIS to provide data pertaining to credit union overdraft programs. Credit union and bank trade associations quickly objected to the directive.

Almost 9,000 CU Times readers followed the story.

7. Kidnappings, Robberies in Tennessee

On April 28, Y-12 FCU President/CEO Mark Ziegler was kidnapped, along with his family, in a failed attempt to extort cash from the $700 million credit union's Oak Ridge, Tenn., branch. When Ziegler took longer than anticipated, the robbers fled and later released his family.

In July, the FBI said it's possible Ziegler's abductors also kidnapped a bank employee in Knoxville, Tenn. The FBI released sketches of the suspects and offered a $20,000 reward for information leading to their arrests.

Two men were recently charged with the crimes. The story drew nearly 10,000 readers.

6. NFL Legend Sues Credit Union for Fraud

In May, Dave Butz, retired All-Pro defensive tackle for the Washington Redskins, sued the $1 billion Scott Credit Union near St. Louis, claiming he was defrauded millions of dollars. The FBI confirmed in September it was investigating Butz' claims.

Theodore J. Longust, the credit union's former business relationship manager, was indicted on nine felony counts in late November and pleaded not guilty in court Dec. 4.

The ongoing case attracted 10,000 readers.

5. NCUA Board Approves Final Risk-Based Capital Rule

On Oct. 15, the NCUA board finalized RBC2 after two and a half years of debate on the topic. In the end, the NCUA said the final pared-down rule will only affect 16 credit unions; however, stakeholders maintained the rule would increase compliance burdens for many more financial cooperatives.

The rule sparked debate in Congress as a bill that could delay RBC implementation passed the House Financial Services Committee. It also produced dramatic debate on the NCUA board regarding the agency's legal standing to enforce the rule.

RBC2 attracted more than 13,000 readers to CU Times in 2015.

4. Credit Union Merger Trends Continue

In February, a story that announced 15 credit union mergers drew 4,400 readers. Merger announcements during the year attracted a total of 13,500 readers.

Other top merger stories included this announcement of 11 mergers and news two billion dollar credit unions merged in Michigan to create the state's largest financial cooperative.

3. CUNA, Leagues Debate Dual Membership

At a credit union roundtable meeting in May, CUNA unveiled the results of a task force report that recommended the trade make several changes. Eliminating the dual membership requirement, in which leagues must pass along a portion of membership dues to CUNA, was one of those suggestions. In September, the CUNA board rejected the task force's dual membership recommendation and ignited a firestorm of controversy.

Some league boards voted to defy the dual membership requirement while others publicly supported it.

On Dec. 10, the CUNA board approved a plan to rewrite membership bylaws; the organization said the plan will include the elimination of the dual membership requirement. The new membership proposal will be presented to CUNA members in early 2016 for approval. The saga attracted about 15,000 readers to CU Times.

2. CU Times Readers Select Top Leaders of the Past 25 Years

In celebration of CU Times' 25^th anniversary, readers nominated the 64 most influential credit union leaders since 1990. In the end, former NCUA Chairman Dennis Dollar was voted the Final Four Champion.

The contest generated nearly 53,000 visits to our website and was the second largest news event of the year. Second place was awarded to Fiserv President of Credit Union Solutions Mark Sievewright. All 64 leaders were profiled on CU Times' website and in print issues of Credit Union Times.

1. Alabama One Saga Concludes

By far, the Alabama One storyline generated the most interest among CU Times readers. When the Alabama Credit Union Administration served the $600 million credit union with a cease and desist order on April 2, nearly 9,000 credit union industry professionals and citizens of Alabama turned to CU Times for the details.

Alabama One's Aug. 27 conservatorship attracted more than 5,500 readers. A prison interview with former Alabama One member Danny Ray Butler, who was convicted of defrauding the SBA of $1.7 million and kiting checks at the credit union, drew more than 5,200 readers.

In total, stories about Alabama One produced nearly 100,000 unique visits to cutimes.com.