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News Now

CU System
Ga. regulator orders fake CU to cease and desist
ATLANTA (7/11/12)--The Georgia Department of Banking and Finance has issued a cease-and-desist order against an entity calling itself Georgia Entertainer's CU in Smyrna, Ga., to stop calling itself a state-chartered credit union.   

The order was made known to the credit union in a July 3 letter to Aneesah Bray-LaStrape, a representative of the credit union, sent by Kevin B. Hagler, the department's deputy commissioner for supervision.   

The letter states: "On April 12, 2012, the department sent a letter to Georgia Entertainer's CU directing this entity to cease immediately from using 'credit union' in its name and claiming to be a Georgia credit union, in organization or otherwise, in violation of Georgia law. The department required a written response to its directive by April 27, 2012. The department received a letter from you dated April 25, 2012. However, this response did not adequately address how the entity was going to comply with the department's directives."

A subsequent letter the department sent May 24 failed to elicit a satisfactory response as of July 2, so the cease-and-desist order was issued, the department explained in its July 3 letter.

In the order, the department said: "Georgia Entertainer's CU is a company which, according to documentation obtained by the department is claiming to be a credit union organization located [in] … Smyrna Ga. The department has no record of Georgia Entertainer's CU and has not approved the entity to organize a credit union and/or conduct a credit union business in Georgia. Furthermore, the department has not granted the entity permission to use 'credit union' in its name."

The department gave Georgia Entertainer's CU until July 18 to respond with the actions it has taken to comply with the order.

The Georgia Credit Union Affiliates is aware of the order but said it had no other information on the matter when contacted by News Now.


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