CLARIFICATION On Suit Over Life Insurance Premium Loans

January 05, 2011, 6:41 p.m. EST 1 Min Read

INDIANAPOLIS – A story in the Jan. 4 Credit Union Journal Daily Briefing incorrectly stated that Michigan’s Capital Community CU suffered losses on loans backed by life insurance polices. The loans, which recently became delinquent, are the subject of a suit between FORUM CU and DFCU Financial, which acquired CapCom in 2009. CapCom failed because of losses on speculative Florida real estate loan participations it bought from Colorado’s Norlarco CU.

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