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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

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Peter Strozniak

Credit Union Times

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