Fraud caused 11 of the 16 small credit union closures last year. What’s more, these fraudulent cases cost the NCUSIF more than $12.5 million in total losses, according to the NCUA.

But fraud cuts even deeper, given the loss of jobs and reputational damage it causes to the credit union industry nationwide.

Peter Strozniak

 

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 TreasuryandRisk.com and Law.com.

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

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