Michigan Regulators Shut Down Fake CU

Register now

LANSING, Mich. – State regulators say a Grand Haven-based credit union called Whitestone CU may have been operating a scam and ordered it to stop doing business yesterday.

The Office of Financial and Insurance Regulation said it believes Whitestone used a website and telephone answering service to pose as a legitimate credit union and may have been attempting to steal consumers' money and identity information.

"It looks like these scammers were posing as a legitimate credit union in order to obtain information used in identity theft," OFIR Commissioner Ken Ross said. "Consumers are encouraged to call OFIR if they believe they have discovered one of these classic phishing scams."

The state says Whitestone was encouraging customers to apply for loans by providing personal information including Social Security and financial account numbers.

For reprint and licensing requests for this article, click here.