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CU System briefs (06/27/2014)
  • nn062614_4.jpgSACRAMENTO, Calif. (6/27/14)--The Salvation Army of Sacramento, Calif., bestowed its Spirit of Caring honor to Henry Wirz, president/CEO, SAFE CU, North Highlands, Calif., for his commitment and involvement in the Sacramento community (Carmichael Times June 26). In 2013 alone, the $2. 1 billion-asset credit union gave more than $290,000 to The Salvation Army, educational programs at local schools, nonprofit health organizations, The Aerospace Museum of California, The First Tee of Greater Sacramento and the Paul Hom Asian Clinic. "None of us want to see people without shelter, without food, without means to support themselves," Wirz said. "If people are willing to give time, money, or surplus items, they can make a big difference in the community. Over time, it will also benefit you as a person" ...
     
  • COLUMBUS, Ohio (6/27/14)--After more than 16 years leading the OCUL Services Corp. (OSC), Dave Fearing will be leaving July 1 to become CEO of CU Partner Link, a collaboration of the California, Georgia, Iowa, Ohio and Texas  state credit union leagues focused on product innovation and revenue growth (eLumination June 26). Fearing has been interim CEO at CU Partner Link since December and will continue to work from the Ohio Credit Union League offices in Columbus. Among Fearing's new projects are working with the league, OSC and the state's credit unions on partnerships with NOWaccount Network Corp. and the National Cooperative Bank. "It's business as usual for OSC during this transitional period," said league President Paul Mercer ...
     
  • TRAVERSE CITY, Mich. (6/27/14)--Two Michigan credit unions announced their intent to merge after receiving board approval. Members CU, Traverse City, with $224 million in assets, and Bay Winds FCU, Charlevoix, with $175 million in assets, expect the merger to take effect at the end of October. The agreement will make the new financial institution, which will have 13 branches, the "largest local credit union north of Midland/Mount Pleasant," said Andy Kempf, president/CEO, Members CU (The Traverse Ticker June 25). The agreement requires a vote by members of Bay Winds FCU and consent from the Michigan Office of Financial and Insurance Regulation and the National Credit Union Administration ...
     
  • ALEXANDRIA, Va. (6/27/14)--The man allegedly behind a fake online credit union and accused of defrauding thousands of investors pleaded guilty Wednesday in federal court. Timothy J. Coughlin, 63, of Indianapolis pleaded guilty to committing wire fraud and impersonating an Internal Revenue Service official while operating the Oxford International Credit Union (OICU), which Coughlin used to solicit online investments. He allegedly used OICU and a fake investment vehicle--the Oxford International Cooperative Union--to collect nearly $15 million from almost 5,000 people worldwide for investment and members' annual dues. According to a statement of facts filed by the U.S. Attorney for the Eastern District of Virginia, to further the fraud, Coughlin allegedly posted a fake certificate stating that OICU was an insured credit union and forged the signature of an IRS employee. Coughlin faces a maximum penalty of 23 years in prison when he is sentenced Sept. 26. In April, the Securities and Exchange Commission filed a suit against Coughlin for "Internet offering fraud" (News Now April 15) ...


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