Monday, July 25, 2016

Melrose CU's Website Misleads on Financial Health

Melrose Credit Union (Briarwood, NY) has misleading information about its financial health on its website.

The following screenshot shows the misleading information, which captured from the credit union's website on July 20. This information can be found under What's New.
The website cites the 2015 edition of DepositAccounts.com Top 200 Healthiest Credit Unions in America. The website gives the impression that these rankings were just released and that Melrose Credit Union is the healthiest credit union in New York.

However, these rankings were not just released. The 2015 rankings are based upon December 2014 data.

While the information accurately reflected the credit union's health as of December 2014, it does not currently reflect the health of the credit union.

In fact, DepositAccounts.com currently has suspended the health rating for Melrose due to the uncertainty surrounding its large exposure to New York City taxi medallion loans. (See screenshot below)
The New York Department of Financial Services should require Melrose Credit Union to remove this misleading information from its website.





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2 comments:

  1. AnonymousJuly 25, 2016 at 9:58 AM

    They weren't really healthy in 2014 either.
    This misleading of the public and the risk involved to the insurance fund is owned by melrose' s board, NY State and NCUA.
    UNBELIEVABLE.

    ReplyDelete
  2. AnonymousJuly 26, 2016 at 4:49 PM

    Can the folks at the NCUA say: CONCENTRATION RISK? They learned zilch from USCentral, WesCorp, Members United, etc. etc. Soon the credit union community will once again pony up NCUA assessments.

    ReplyDelete