Non-CUs Barred From Using Credit UnionWeb Domains

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OLYMPIA, Wash. - (09/02/05) -- The Department of FinancialInstitutions has ordered two non-credit union mortgage serviceproviders to stop using the term 'credit union' in their internetaddresses. Linda Jekel, director of the DFI's credit uniondivision, told both Evergreen Moneysource Mortgage Co., inBellevue, Wash., and Mortgagebot LLC., that state law prohibits anyentity from doing business under a name or title containing thewords 'credit union, ' or representing to be a credit union, unlessit is a credit union or credit union-related business, like a CUSO.So the two companies were directed to "immediately cease using"credit union" in any way" on their web sites, according to aletter from Jekel to the companies. The companies had been usingthe web addresses, Both companies havecomplied with the DFI and stricken the credit union reference fromthe web addresses. Evergreen Moneysource is a partner with SchoolEmployees of Washington CU, and Mortgagebot partners with severalcredit unions.

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