Indianapolis credit union placed into conservatorship
The National Credit Union Administration says it took control of operations at Indianapolis’ Newspaper Federal Credit Union because of “unsafe and unsound practices.”
Credit Unions
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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.
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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.
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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.
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Articles
Lucas White: Credit unions have unfair advantage over banks
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.
Financial Center First adding Muncie credit union through merger
Ball State Federal Credit Union is set to join Indianapolis-based Financial Center First Credit Union in a merger effective Nov. 1.
Average overdraft fees steeper at banks than credit unions
The study found that the average credit union overdraft fee is nearly $10 less than that of large banks.
Kokomo credit union merging into Financial Center First
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.
U.S. credit scores hit new high while household debt skyrockets
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.
Eyler misses deposition, adding to furor over test-prep firm
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.
Financial veteran to lead Centra Credit Union
Columbus-based Centra Credit Union, one of the largest Indiana-based credit unions, announced in late June that it named Rick Silvers as CEO.
Credit unions shed wallflower image, tread on banks’ turf
Some big Indiana credit unions are ramping up growth, undaunted by the increasingly competitive banking landscape.
Credit union plans to acquire former Meridian Music property
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.
Elements Financial bulks up with credit union merger
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.
Indiana credit unions growing, albeit slowly
Federal data show Hoosier credit unions’ growth rates lagging most of their national peers, but it may not be such a bad thing.
Credit union views charter switch as path to growth
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.
Indiana man sentenced for running fake credit union
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.
Supreme Court takes up housing bias case
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.
Indiana man pleads guilty in fake credit union case
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.
Credit unions back to normal following unusual 2012 high
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.
ITT student-loan bet stings Lilly’s credit union
A default-prone portfolio of loans to ITT Educational Services students has come back to haunt Eli Lilly Federal Credit Union, a full-service but otherwise conservative institution.
Feds sue Indianapolis man over fictional credit union
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.
Banks see resurgence of home equity loans
Although mortgage-refinancing applications are down, the product reviled and thought extinct after the 2008 housing crash that decimated property values may save the day for lenders: the home equity loan/line of credit.