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 Unions
Articles
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.
Banks gathering all their clients’ eggs into one basket
Banks and credit unions facing more competition from online lenders—and now even from big-box stores offering financial products—are working harder to get a bigger piece of a customer’s wallet over the long haul.
Final piece of city land-swap deal almost done
Indianapolis Fire Department Credit Union officials are set to sign off on a deal with the city to build a facility downtown near College Avenue. That would clear the way for a $43 million project on the credit union’s current Mass Ave site.
Indiana Members adds small credit union to its fold
Indiana Members, which has 24 branches and $1.3 billion in assets, will grow by one branch and $17 million in assets.
Estate of Financial Center’s former CEO seeks death benefit
The widow of former Financial Center CEO Roger Youngs alleges in a lawsuit that the Indianapolis credit union owes his estate $936,162, per his retirement agreement.
Indiana credit unions are booming again
Credit unions last year posted record earnings, thanks largely to lower loan-loss reserves, as well as to growing memberships, growing debit cards, selling off mortgages and stealing business loans away from banks, their arch rivals.
Two of city’s largest credit unions set to merge
Horizon One Federal Credit Union, founded in 1949 to serve General Motors metal-stamping plant employees in Indianapolis, is merging with Financial Center Credit Union.
Forum Credit Union names new chief executive
The Fishers-based financial institution is turning to company veteran Doug True to help Forum rebound from a $2.8 million loss in 2010.
Credit unions gun for more traditional bank business
A push by credit unions for more leeway with small-business lending is fueling an old fight with their banking rivals.
Teachers Credit Union chooses new leader
Senior vice president Paul A. Marsh will take over for Richard J. Rice, who has been president of the credit union since 1987.
Bank On Indy initiative nearing first-year goal
Program that aims to reach local population without bank accounts so far has helped more than 7,500 people open an account.
Clarian Federal Credit Union acquires Community Choice
The combined firm will have more than 8,700 members and more than $20 million in assets.