• WHEELING, W.Va. – Members of Center Valley FCU, brought down by CEO fraud that drained some $9 million from the institution, continue to pursue an accounting for losses on their share accounts and for missing loan payments, authorities said yesterday after the CEO, Bernie Metz, was sentenced to nine years in prison.

    February 23
  • WHEELING, W.V. – The CEO of Center Valley FCU was sentenced this afternoon to nine years behind bars and ordered to pay $4.9 million restitution for a fraud that drained as much as $9 million from the credit union for the purchase of real estate, cars and other goods for her, her husband and children, believed to be the biggest family fraud ever among credit unions.

    February 23
  • BANGOR, Maine – A former Greyhound bus driver who robbed 11 New England credit unions and banks along his bus route last year was sentenced on Tuesday in federal court to 10 years plus one month in prison.

    February 22
  • BETHESDA, Md. – Cardtronics announced yesterday that its Allpoint Network has signed with APTUS Financial to add the company’s 1,000 ATMs to its network of surcharge-free cash machines.

    February 22
  • SAN DIEGO – USE CU has signed with Fifth Third Processing Solutions for electronic funds transfer services, including ATM and debit card processing, card production, fraud protection, debit marketing, rewards programs and gateway services.

    February 22
  • NASHVILLE, Tenn. – Volunteer Corporate CU has installed VASCO DIGIPASS GO 6 in combination with VACMAN Controller to secure access to its VolCorp Online, an online application for member credit unions.

    February 22
  • ALLENTOWN, Penn. – PPL Gold Credit union has signed with Edcomm Banker’s Academy to use the company’s Bank Secrecy Act and Anti Money Laundering online training for the next three years.

    February 22
  • SAN FRANCISCO – Mendo Lake CU was the only credit union among 40 members of the Federal Home Loan Bank of San Francisco to receive $36.6 million in affordable housing grants announced yesterday.

    February 22
  • CHELSEA, Mass. – Metro CU was awarded a $40,000 grant by the National CU Foundation for implementation of a financial coaching program in a low-income neighborhood of Boston.

    February 22
  • SALT LAKE CITY – A bill introduced in the state legislature would have lawmakers intervene in a legal dispute between America First CU and local developers over tens of millions of dollars of defaulted loans.

    February 22
  • WASHINGTON – CUNA, as it does at the beginning of every year, sent $90,000 in checks to conduits of both political parties – its semi-annual political tithe.

    February 22
  • WHEELING, W.Va. – Sentencing for two cousins who pleaded guilty to charges in the $5 million family-run fraud at N&W Poca Division FCU was delayed until June, while attorneys for the two defendants review sentencing motions filed by federal prosecutors.

    February 22
  • ALEXANDRIA, Va. – Pentagon FCU said it plans to open at least 10 additional offices, boosting employment to as many as 1,000 agents, for its PenFed Realty CUSO by year-end.

    February 22
  • SALEM, Ore. – The bankers have reignited a tax fight with credit unions here, succeeding in getting lawmakers to introduce a bill that would extend the state’s corporate excise (income) tax to credit unions. Though the bill is widely believed to have little chance of passage it could be a harbinger of similar fights across the country as state legislatures grapple to close gaping budget deficits.. The latest bill would apply the state’s tax to state chartered credit unions over $50 million in assets who accept at least one municipal deposit over $250,000 or that hold member business loans exceeding 10% of their assets. The bankers have been fighting for years to keep credit unions out of the market for municipal deposits and proposed an amendment to the 2007 bill allowing municipalities to deposit funds in credit unions to attach a tax requirement. The bill has been referred to the Committee on Revenue. A hearing has not been scheduled. At least three states tax state chartered credit unions. Federal charters are exempt from all income taxes. A bank-supported bill that would have applied the state’s excise tax to credit unions over $100 million in assets failed in 2003, one of several states where credit unions defeated tax initiatives around that time.SALEM, Ore. – The bankers have reignited a tax fight with credit unions here, succeeding in getting lawmakers to introduce a bill that would extend the state’s corporate excise (income) tax to credit unions.

    February 22
  • LEAVENWORTH, Kan. – A former branch manager of Mainstreet CU on Friday pleaded guilty to stealing more than $56,000 from the credit union.

    February 21
  • NORTH ANDOVER, Mass. – Merrimack Valley FCU donated $17,500 to the local YMCA as part of its annual fundraising drive.

    February 21
  • RICHMOND, Va. – Byron Howlett retired after 19 years as president of Richmond Heritage FCU, an $8 million credit union.

    February 21
  • SAGINAW, Mich. – Robert Adams, president at Catholic FCU, retired after 44 years at the $290 million credit union.

    February 21
  • CHAMBERSBURG, Penn. – Patriot FCU has signed with The Members Group to process its debit, PIN and ATM transactions.

    February 21
  • JACKSONVILLE, Fla. – First Florida CU has acquired an empty branch of a failed bank from the FDIC for $995,000.

    February 21