Wednesday, February 20, 2008

Converting CU Suggests Member Data Was Stolen

The credit union that most recently suspended its attempt to become a mutual bank worries that someone might have compromised its security and stolen member data in order to call members to get them to oppose the conversion attempt.

Officials with the $114 million First Basin Credit Union have not yet commented on the conversion suspension to the trade press, but CEO Shem Culpepper told local media outlets on Friday that the CU was investigating whether member data may have been stolen and who, the credit union alleged, might have been calling members to tell them they would lose their funds on deposit if the conversion went through.

Leaders of Save First Basin, the member group opposed to the conversion, denied their group had made any calls and some members opposed to the conversion scoffed at the CU’s allegation, suggesting that it was merely a way for the credit union to save face after, the members suggested, balloting on the measure ran so heavily against it.