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News Now

CU System
CU System briefs (01/04/2013)
  • DALLAS (1/4/13)--A Dallas woman pleaded guilty Wednesday to embezzling $3.4 million from the now defunct Dallas-based Women's Southwest FCU, one of several credit unions she managed. Theresa Portillo, 34, allegedly stole the funds over 11 years, beginning in 2000 (WFAA.com Jan. 2). She faces up to 30 years in prison and a $1 million fine. The Federal Bureau of Investigation said the embezzlements were carried out when Portillo allegedly asked other financial institutions to buy certificates of deposit and put the funds into a personal account. She allegedly used the money to buy property, including nine houses; pay family medical bills; and purchase jewelry, cars, and vacations. At the time the National Credit Union Administration liquidated it in October, Women's Southwest FCU had $2 million in deposits and 743 members (News Now Nov. 1) …
  • TUCSON, Ariz. (1/4/13)--Tucson Old Pueblo CU (TOPCU) has named G. Vern Babilon as its new president/CEO, to be effective Monday.  Babilon will succeed Joseph Mirachi, who has served at the helm of TOPCU for four years. TOPCU Board Chairman Richard Prater noted Babilon has more than 22 years of credit union experience, including a stint as the industry's youngest CEO in 1989. "Vern possesses unique skills in lending, collections, marketing, and operations," Prater said in the TOPCU hiring announcement.  Directly prior to his new position, Babilon was the owner of GVBabilon Associates, a recruiting firm located in Cypress, Texas, with a focus on serving credit unions, community banks and CPA firms. The exiting Mirachi has announced plans to move to Cocoa Beach, Fla., to run Kennedy Space Center FCU there …


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