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CU System briefs (03/07/2014)
  • CLEVELAND, Ohio (3/7/14)--Another man has been charged in connection with the 2010 collapse of St. Paul Croatian FCU, Eastlake, Ohio--one of the most costly failures in credit union history. Sako Satka of Lakewood, Ohio, was indicted Wednesday on charges of conspiracy, bank fraud and bank bribery. According to the U.S. Attorney's Office for the Northern District of Ohio, Satka allegedly paid bribes and kickbacks to CEO Anthony Raguz to use his position at the credit union to approve loans worth more than $4.4 million to Satka, his businesses and associates from 1999 to 2004. Satka is one of nearly two dozen players who allegedly conspired with Raguz to defraud the credit union through loan schemes. Raguz is serving a 14-year prison term for accepting bribes, kickbacks and gifts in exchange for loans. He allegedly issued more than 1,000 fraudulent loans totaling more than $70 million to about 300 accountholders and accepted more than $1 million in bribes. The collapse cost the National Credit Union Share Insurance Fund more than $170 million ( News Now 11/27/12). ...
  • MADISON, Wis. (3/7/14)-- Discount pricing ends today on clothing and promotional products for National Credit Union Youth Week , scheduled for April 20-26. This year's theme is "Catch the $ave Wave." Credit unions also can register for the National Youth Saving Challenge , held in conjunction with Youth Week. Both events are hosted by the Credit Union National Association and focus on encouraging youth to learn about money and set savings goals. Last year more than 117,000 youth deposited $25.2 million into credit union savings accounts--with 6,173 of them being new accounts. ...
  • WORCESTER, Mass. (3/7/14)-- DCU for Kids, the charitable foundation of Marlborough, Mass.-based Digital FCU, sponsored the second annual statewide Bullying Prevention and Education Conference in Worcester ( Daily CU Scan March 6). More than 300 education, juvenile justice and law enforcement professionals attended the Feb. 27 event. The Bullying Prevention and Education Conference is part of DCU for Kids' ongoing initiatives to address the serious concerns of bullying. "Through the efforts of B.R.A.C.E. (Bullying Remediation and Court Education) Project partners and this conference," said John LaHair, public relations manager for the $5.2 billion-asset credit union, "we are cooperatively taking steps that will help prevent bullying and create a climate in our schools and our communities in which all children can feel safe." ...
  • EAST WINDSOR, N.J. (3/7/14)-- Shawn Gilfedder, president/CEO, McGraw-Hill FCU, recently addressed the fifth annual Workforce Planning and Analytics Conference , hosted by Human Capital Institute, in Alexandria, Va. Gilfedder was on the docket alongside Robert Reich, former Department of Labor secretary, and industry leaders from Time Warner, ConAgra and Monster Worldwide. Gilfedder said his goal was to reinforce that human resources executives and the responsibilities they have for people-related programs--"particularly financial wellness of employees"--are vital for success. ...
  • COLUMBUS, Ohio (3/7/14)-- Credit union pioneer and founder of Bellevue (Ohio) Terminal FCU,  Ivan Garman, died Feb. 7. He was 85. Garman was president of the credit union, now known as Firelands FCU, for 45 years until his retirement in 1993 ( eLumination March 5). Garman served as a director for the Lake Erie Chapter of Credit Unions and chair of the Ohio Credit Union League. He was a charter member and incorporator of Corporate One FCU, Columbus. According to his obituary in The Bellevue Gazette (Feb. 13), Garman was a "national delegate representing Ohio in the testimony before the Federal House Banking Committee in support of a bill to establish a National Credit Union banking system." ...


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