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5171 Blackbeak Dr.
Saginaw, MI 48604

OFIR Cracks Down on Fake Dearborn Credit Union

Agency protecting consumers against scammers posing as legitimate financial institutions

FOR IMMEDIATE RELEASE
March 11, 2009
Contact: Jason Moon 517-335-1700

LANSING - The Office of Financial and Insurance Regulation (OFIR) has ordered an entity claiming to be a Dearborn-based credit union called "Communal Credit Union" to cease and desist from doing business. OFIR believes that Communal, through its website, www.communalcreditunion.com, is posing as a legitimate credit union and may be attempting to steal consumers' money and identity. The fraudulent financial institution is encouraging customers to apply for loans by providing personal information including social security and financial account numbers.

"It looks like these scammers lure consumers to a web site by advertising a fake credit union, but are really phishing for information used in identity theft," OFIR Commissioner Ken Ross said.

Consumers can contact OFIR toll-free at 877-999-6442 to find out if a bank or credit union is a legitimate financial institution.

The agency also urged consumers to develop a face-to-face or personal relationship with a financial institution before entering into a business contract. Prior to opening an account at an Internet bank or credit union, consumers are encouraged to call OFIR or check out information on legitimate depositories on OFIR's website, www.michigan.gov/ofir>www.michigan.gov/ofir.

To find or verify a federally insured state-chartered credit union in Michigan, visit: www.dleg.state.mi.us/fis/ind_srch/CreditUnion/Search.asphttp://www.dleg.state.mi.us/fis/ind_srch/CreditUnion/Search.asp>www.dleg.state.mi.us/fis/ind_srch/CreditUnion/Search.asp>.

To find or verify federally insured credit unions across the country, visit the National Credit Union Administration at: www.ncua.gov/indexdata.htmlhttp://www.ncua.gov/indexdata.html>www.ncua.gov/indexdata.html>.