Stanley Hayes, former president/CEO of the liquidated Valley State Credit Union, is scheduled to be sentenced in April after he admitted to embezzling $710,000 from the Saginaw, Mich. cooperative. Michigan Attorney General Bill Schuette said Hayes pleaded guilty in a...
Credit Union Industry News & Updates
The Credit Union & Banking worlds are changing faster today than they ever have. Keep informed about what’s going on in the industry.
WHAT’S GOING ON AT CREDIT UNIONS?
Florida CUs Rally for High School Shooting Victims & Families
While the mood throughout south Florida remains somber following the shooting deaths of 17 people at Marjory Stoneman Douglas High School in Parkland, Fla. on Valentine’s Day, credit unions throughout Broward County are rallying behind the school community and...
Professionals Make Moves at Credit Unions, CU Direct
This past week, employees at five credit unions began new positions. Plus, auto lending CUSO CU Direct promoted an executive. WEST The $1 billion Credit Union 1 in Anchorage, Alaska promoted James Wileman from COO to president/CEO. Wileman joined Credit Union 1 as...
Cyber Hacks Cost Up to $109 Billion in 2016, U.S. Estimates
Malicious cyber activity cost the U.S. economy between $57 billion and $109 billion in 2016, the White House said Friday. The estimate comes in a Council of Economic Advisers (CEA) report on the impact of cyber attacks on U.S. government and industry. The...
House Financial Services Members Circulate Draft Data Security Legislation
Two members of the House Financial Services Committee—one Republican and one Democrat—are circulating draft legislation that would set a national data security standard and require prompt notification when a data breach occurs. House Financial Institutions...
Sen. Hatch, the Banker & the Credit Union Tax Exemption
Sen. Orrin Hatch’s (R-Utah) recent broadside against the credit union tax exemption left a lot of people saying, “Huh?” Hatch had already announced he would not seek another term in the Senate this year, and Congress had just completed tax overhaul...