News

In light of the increased popularity of reverse mortgages, credit unions should be especially vigilant in trying to stop fraudulent practices and help the Financial Crimes Enforcement Network's efforts.

According to several media reports, Defarra Gaymon, president/CEO of Credit Union of Atlanta, was shot and killed by an undercover detective in New Jersey over the weekend.

COCC said it has deployed a set of new Internet security appliances at the Avon, Conn., data center where it serves 170 credit union and banks.

Yesterday in U.S. District Court, the NCUA lost its motion to "substitute in as plaintiff" entirely for seven mid-sized credit unions that sued Western Corporate FCU directors and employees.

The SEC said Goldman Sachs & Co. will pay a $550 million fine, the largest penalty ever paid by a Wall Street firm, to the agency, and reform its business practices to settle charges that it misled investors in a subprime mortgage product.

NAFCU President/CEO Fred Becker urged Treasury Secretary Timothy Geithner to allow the greatest amount of transition before he transfers responsibilities to the Consumer Financial Protection Bureau.