Helicopter view of Coney Island where MCU announced a branch closure. Helicopter view of Coney Island where MCU announced a branch closure. (Source: Shutterstock)

The negative fallout from its massive fraud and corruption cases continues for the $2.9 billion Municipal Credit Union in New York, which used a positive spin in announcing six branch closings by the end of the month.

But the announcement is more likely an attempt to slow or stem the credit union’s financial problems after posting huge net income losses in the last two quarters and losing more than 17,000 members in the months after former President/CEO Kam Wong was sentenced to five years in prison for stealing nearly $10 million. His case  led to federal charges against the credit union’s former board chair and a supervisory committee member

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

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 © 2023 ALM Global, LLC. All Rights Reserved.