The National Credit Union Administration says it took control of operations at Indianapolis’ Newspaper Federal Credit Union because of “unsafe and unsound practices.”
Indiana credit unions pursue growth by buying banks
The banking industry, which argues that credit unions’ tax-exempt status gives them an unfair edge, objects to the trend.Read More
Indians announce naming-rights partner for new club space
The 4,500-square-foot club, to be constructed between the 2019 and 2020 seasons as part of $8.3 million in Victory Field improvements, will be sponsored by Indianapolis-based Elements Financial Federal Credit Union.Read More
City’s poor often have few affordable options for banking, other financial services
Banking is more expensive for the people who most need it to be affordable, a reality that experts say plays a significant role in preventing many Hoosiers from snapping the cycle of poverty.Read More
In the past 80-plus years, however, credit unions have grown substantially in size and scope, bearing little resemblance to their forebears. Their current clientele often are affluent, and field-of-membership requirements have been stretched beyond recognition.
Ball State Federal Credit Union is set to join Indianapolis-based Financial Center First Credit Union in a merger effective Nov. 1.
The study found that the average credit union overdraft fee is nearly $10 less than that of large banks.
Indianapolis-based Financial Center First Credit Union is building a branch in Kokomo and will complete a merger with Kokomo Heritage Federal Credit Union when the branch opens this fall.
The new record comes on the heels of other signs that consumers are finally shrugging off a recession hangover, despite stubbornly stagnant wages that haven’t matched mushrooming corporate revenue.
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.
Some big Indiana credit unions are ramping up growth, undaunted by the increasingly competitive banking landscape.
Indiana Members Credit Union is hoping to open a branch in the 18,000-square-foot, two-story brick building on Old Meridian Street in Carmel.
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.
An Indianapolis man has pleaded guilty to a Ponzi scheme that defrauded thousands of investors of millions of dollars through a fake online credit union.
Net income growth among nine big credit unions serving the metro area moderated in 2013 after record earnings for the industry locally and largely across the nation in 2012.
An arrest warrant has been issued for Tim Coughlin, who has been accused of running a Ponzi scheme that collected $12.8 million from investors. In 2008, he proposed creating a 20-story balloon ride at White River State Park.