Elements FCU assumes most shares of INFCU, which lost more than $900,000 at the end of 2020.

The bribery convictions each carry a maximum sentence of 30 years in prison. He's scheduled to be sentenced in June.

After a year of pandemic-related rollbacks, the agency expects financial institutions to begin following the letter of the CFPB's rules.

However, application fraud is expected to cost financial institutions $4.1B by 2023, a new report says.