Firms Ordered To Cease Using Term 'Credit Union'
The Department of Financial Institutions has ordered two non-credit union mortgage service providers to stop using the term "credit union" in their internet addresses. Linda Jekel, director of the DFI's credit union division, told both Evergreen Moneysource Mortgage Co., in Bellevue, Wash., and Mortgagebot LLC., that state law prohibits any entity from doing business under a name or title containing the words "credit union" or representing to be a credit union, unless it is a credit union or credit union-related business, such as a CUSO. The two companies were directed to "immediately cease using "credit union" in any way" on their websites, according to a letter from Jekel to the companies. The companies had been using the web addresses, creditunionhomeloans.com and creditunionhomeloans.mortgage webcenter.com. Both companies have complied with the DFI and stricken the credit union reference from the web addresses. Evergreen Moneysource is a partner with School Employees of Washington CU, and Mortgagebot partners with several credit unions.