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News Now

CU System
CU limits withdrawals after 3M goes missing
NEW CASTLE, Pa. (3/2/10)--The board of $6.5 million asset credit union in Pennsylvania that lost $3.4 million during fourth quarter 2009 has decided to limit the amount of money its members can withdraw from their accounts. New Castle, Pa.-based Lawrence County School Employees' CU's board resolution allows members to remove up to $5,000 in a week. Withdrawals that exceed the amount will require members to provide notice 10 business days in advance (New Castle News Feb. 2). The newspaper reported in another story the same day that federal auditors uncovered irregularities with the credit union's finances in late September. The credit union is working with the National Credit Union Administration and with First Choice FCU, Union Township, Pa., who is assisting with operations, said the report. The credit union's CEO, Holly Cowan, left the job about five months ago for undisclosed reasons. The National Credit Union Share Insurance Fund insures member accounts up to $250,000.


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