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Australian CUs have experienced strong growth in retail deposits at the expense of their regional banking rivals. http://ow.ly/goIE 1 day ago

Yakima Valley CUs have benefited from larger banks troubles as membership, deposit growth, and overall presence expand. http://ow.ly/goHD 1 day ago

Florida Central CU names CUNA board member Laida Garcia as president, CEO. Garcia succeeds the late Ed Gallagly. See http://ow.ly/gnw7 2 days ago

WesCorp detailed cost-saving initiatives-- including roughly 90 layoffs--that aim to roll back expenses to 2003 levels. See July 6 NN. 2 days ago

Wash. State CUs have seen a 313% mortgage loan increase over the last 10 years, with lower car loan, savings deposit increases. See Mon. NN. 2 days ago

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The old bogus-CU scam strikes again

HARRISBURG, Pa. (11/26/03)--Another fake credit union has surfaced in Pennsylvania--this time using the name of a legitimate, Michigan-based credit union.

The Pennsylvania CU Association's Compliance and Information Services Department was recently notified that a fraudulent advertisement for "Credit Union One" was running in the Bedford Gazette.

Callers to the hotline are told that the credit union is federally chartered by the NCUA and is based in Ferndale, Mich. In reality, the backing company for this scam is in Toronto, Canada.

The real Credit Union One is based in Ferndale, Mich., and the credit union's compliance officer Mark Sebastian is aware of the problem.

The fake "Credit Union One" ads have been placed in newspapers from New Jersey to Hawaii.

The false company is allegedly collecting personal information from consumers--a hint of potential identity theft--and is collecting fees up-front from consumers.

The ads also are being paid for by fake credit cards, meaning not only consumers but also the newspapers are being taken for a ride.

Consumers can easily determine whether a financial institution is legitimate by calling the state credit union league or the state department of financial institutions.

If you have any information regarding suspicious ads or problems with such companies, call the NCUA Fraud Hotline at 703-518-6550 or 800-827-9650; National Association of State CU Supervisors (NASCUS) at 703-528-8351; or state financial regulators.