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The perpetrators allegedly solicit friends, family and members of North Carolina’s largest credit union to maximize the fraudulent scheme.

Annual growth rate has held steady around 4% for credit unions since April, while balances slip at banks.

Trade group backs Rep. Loudermilk’s bill to raise SAR and CTR thresholds, citing compliance strain and outdated reporting rules.

Credit union says the repayment pace would take 669 years.

The state-chartered credit union spun off its four S.C. branches to its federally chartered sister credit union Sept. 1.

Measure backed by America’s Credit Unions aims to boost accountability and trust.