Tennessee-based Southeast Financial Credit Union sued Eyler and others in 2015, charging they fraudulently restructured the business to thwart creditors and owe more than $13 million on defaulted loans.
Indianapolis-based Elements Financial Federal Credit Union has scooped up 71-year-old State Service Credit Union, a move that provides Elements direct access to one of the largest employers in Indiana.
Financial Center Federal Credit Union is pursuing a state charter in hopes of becoming a bigger player in Indiana’s financial services sector, a move that echoes a recent national trend of credit unions opting for state charters over federal ones.
Timothy Coughlin, 63, of Indianapolis was ordered to pay $10 million in restitution at sentencing Friday in federal court. Prosecutors say 5,000 investors from 50 countries and all 50 states made deposits to his fake credit union.
The justices agreed Thursday to take up a case that challenges the theory that certain housing or lending practices can illegally harm minority groups, even when there is no proof of intent to discriminate.