Another Credit Union in the Hot Seat With Members of Congress

Federal lawmakers demand answers from California's Frontwave CU regarding its millions in overdraft fees paid by young Marine recruits.

By Peter Strozniak | May 10, 2024 at 04:25 PM

Friday was the deadline for $1.5 billion Frontwave Credit Union in Oceanside, Calif., to answer questions in a scathing letter from members of Congress based on a media report that the credit union has "exploited young service members by charging them millions of dollars in predatory and exorbitant overdraft fees."

Continue Reading for Free

Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
Educational webcasts, white papers, and ebooks from industry thought leaders.
Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.

NOT FOR REPRINT

Regulatory & Compliance

1 CU Loses Nearly $300,000 in Four Hours With ATM Skimming Device

2 New Hires Include SVP of Consulting at Velera

3 Virginia CU Goes Federal, Joining 14 Other Charter-Switching CUs

4 Credit Union's Internal Investigation Leads to Employee Grand Theft Charge

5 Boomers Are Not Enough: How to Attract Younger Consumers

Credit Union Times Luminaries Awards 2024
November 07, 2024 - Orlando

This event shines a spotlight on the individuals, teams, projects and organizations that are changing the financial industry.
More Information
Consulting
Consulting Best Firms to Work For 2024
September 12, 2024 - New York

Consulting Magazine identifies the best firms to work for in the consulting profession.
More Information
GlobeSt. Multifamily Fall 2024
October 15, 2024 - Los Angeles

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!
More Information

CU on a Mission to Make Housing Affordable

By Michael Ogden | July 26, 2024

Leadership at Great Basin FCU is involved in a new initiative to make housing affordable for members in Nevada.

CU on a Mission to Make Housing Affordable

Bank Shareholders Approve Proposed Acquisition by Global Credit Union

By Peter Strozniak | July 26, 2024

Although Washington state regulators gave the deal a green light, decisions from the NCUA and FDIC are pending.

Bank Shareholders Approve Proposed Acquisition by Global Credit Union

Space Coast Sells $669 Million in Auto Securities

By Jim DuPlessis | July 26, 2024

The Florida CU is the fourth-largest holder of indirect car loans, the type sold in a deal that closed Wednesday.

Space Coast Sells $669 Million in Auto Securities

Embracing a Modern Tech Stack and Architecture for Seamless Payment Experiences, Increased Efficiencies and Lower Operating Costs link

White Paper

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

Instant Insights /