Alleged $20 Million Embezzlement Leads to Seizure of Michigan Credit Union

The Michigan Department of Insurance and Financial Services (DIFS) on January 13 took action to conserve Clarkston Brandon Community Credit Union (CBCCU) in Clarkston, Michigan and appointed the National Credit Union Administration (NCUA) as the conservator, effective immediately.

The $68.8 million credit union was placed into conservatorship just one week after the credit union’s former CFO admitted to embezzling $20 million.

The decision to conserve CBCCU was based upon findings of a recent supervisory exam that found CBCCU was insolvent.

Read DIFS press release.