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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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Credit Union ONE name used fraudulently

FERNDALE, Mich. (12/22/03)--Once again, a credit union's good name is being used to promote a scam. This time, it's Credit Union ONE, a $735 million asset credit union based in Ferndale, Mich.

The credit union is alerting consumers that its name is being used in newspaper ads across the country promoting debt consolidation services (PR Newswire Dec. 18). The ads, which fraudulently claim the Credit Union ONE has offices in Toronto, have appeared in nearly 50 publications since September.

The ads offer debt consolidation and free financial advice. Consumers are directed to call 866-475-8024 in all of the ads. They then receive paperwork including a loan note and request for more personal information.

The consumers are also asked to send in advance payments via wire transfer.

Other similar scams have occurred in Alaska, California, Colorado, Florida, Georgia, Mississippi, Missouri, Ohio, New York, Pennsylvania, South Carolina, and Washington. Leagues are working with state regulators and NCUA to monitor these.

The credit union is warning newspaper publishers about the fraudulent ads and has notified the Office of Financial and Insurance Services, according to Mark Sebastian, compliance and security officer.