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.
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.
Indiana Members, which has 24 branches and $1.3 billion in assets, will grow by one branch and $17 million in assets.
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.
A push by credit unions for more leeway with small-business lending is fueling an old fight with their banking rivals.
The combined firm will have more than 8,700 members and more than $20 million in assets.