PAL Program Can’t Replace Payday Lenders: Pew

The highly touted NCUA Payday Lending Alternative model is not an effective replacement for storefront short-term lenders that charge customers exorbitant interest rates, Nick Bourke, director of The Pew Charitable Trusts’ consumer finance project said Monday....

Former Michigan CEO Admits Embezzlement

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...

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...