2010 Marketplace Directory Out Next Week
WEST PALM BEACH, Fla.-Credit Union Journal will publish its 2010 Marketplace Directory next week. This handy annual reference of all things credit union is a special value to subscribers. With contact information for CU regulators, trade associations and other organizations, the directory also features a list of suppliers to the credit union industry. No regular edition of CU Journal will be printed the week of Aug. 24, but subscribers can get daily updates at www.cujournal.com.
Used Car Dealer Convicted In Repo Fraud
SAGINAW, Mich.-A former town official pleaded guilty to using his used car dealership to steal $85,000 from the sale of auto repossessions he was selling for Communications Family CU.
Henry Schumann, 52, kept the proceeds from the sale of at least nine cars his dealership, M&H Auto Brokers, was supposed to selling for the credit union.
Schumann is a former member of the Bangor Township Board of Trustees and the Bangor Township Planning Commission.
MidFlorida FCU Converts To State Charter
LAKELAND, Fla.-Members at credit union giant MidFlorida FCU have overwhelmingly approved the $1.4-billion credit union's conversion to a state charter, enhancing its ability to expand into neighboring counties.
The credit union, to be known as MidFlorida CU, plans to remain in Florida with an expanded field of membership beyond its current five counties, its officials told members during a series of meetings in recent weeks.
CRIF Acquires Aimbridge Indirect
DENVER-CRIF, an Italian credit reporting and business information firm, continued its foray into the credit union market with the acquisition of Aimbridge Indirect Lending LLC and its Member Lending Acceptance affiliate.
The deal follows Bologna-based CRIF's June acquisition of FLS Services of Dallas, a major provider of indirect lending services, and last year's purchase of Teres Solutions, the Austin, Texas, maker of the SAIL indirect lending system.
The latest acquisition will enable CRIF to offer Aimbridge specialized services to organizations in Europe and other parts of the world. As part of the agreement, Aimbridge Indirect Lending, LLC and Member Lending Acceptance, LLC will operate as wholly-owned subsidiaries of CRIF.
"We're very excited to join the CRIF family," said Stephen Bentley, founder and CEO of Aimbridge. "Working with CRIF and their subsidiaries will provide Aimbridge Indirect Lending a greater local, regional, national and even international reach for our products and services that were unreachable prior to this transaction." Financial terms of the deal were not disclosed.
Ex-Mgr Barred For Embezzling $1.4M
ALEXANDRIA, Va.-The former manager and chief loan officer of community development credit union First Delta FCU was banned from the credit union industry for her conviction of a $1.4-million theft from the one-time $7.5-million institution, NCUA said.
Nikita Presley-Brown was convicted of the loan fraud last November. She pleaded guilty to generating as much as $1 million in loans in members' names without their knowledge by using her position as a loan officer, and to stealing $400,000 in cash from the credit union's vaults.
She was sentenced to 78 months in prison and ordered to pay $1.5 million in restitution, $400,000 of it to CUMIS Insurance, which paid out a bond claim.
Also banned by NCUA were: Gisela Rosado, the former manager at La Casa FCU, another CDCU, in Newark, N.J, for embezzling $120,000 from the credit union; Eve Hutchinson, a former employee of Buffalo Fire Department FCU, Buffalo, N.Y., for stealing $72,000; and Jorge Fleitas, a former loan processor at Beacon Community CU, Louisville, Ky., for stealing $19,000.
NCUA also banned: Roselle Farias, the former manager of Prince Kuhio FCU, Honolulu, for embezzling $96,000; Susan Bender, a former teller at New Alliance FCU, Ambridge, Penn.; Jacqueline Tribou, a former employee of Eastern Maine Medical Center FCU, Bangor, Me.; and Robyn Mullen-Turner, former employee of GPM CU, South Portland, Me.
