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Office of the Comptroller of the Currency seal Source: Shutterstock.

The Office of the Comptroller of the Currency (OCC) said two purported financial institutions, including one with a fictitious credit union name, have been using foreign-hosted websites allegedly designed to perpetuate fraud, including identity theft.

The OCC issued an alert last month after it had been informed by the Florida Office of Financial Regulation (FOFR) that an organization named “Ledge Community Credit Union, N.A.” and “Fedro Asset Bank, N.A., or Fedro Bank,” were offering banking services through websites. However, an investigation by Florida regulators found these financial institutions, also claiming to be national banks, were not chartered and were not licensed or authorized to conduct banking business in Florida or any other state.

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Peter Strozniak

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Credit Union Times

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