LOUISVILLE, Ky. (WAVE 3)– Louisville Metro Police Officers’ Credit Union and it’s former vice president are now under investigation by the FBI for fraud.
Attorneys for the victims say the bank created fake loans and missed payments, sending people’s credit scores down the drain.
“Where was the oversight, where was the supervision, where are the audits?,” said attorney Allan Cobb.
The National Credit Union Administration has agreed to more than $600,000 worth of write-offs, but that’s just for 17 members. The credit union once had 3,500 members.
“These are hard working, ordinary people, dedicated to public service and to have this happen to them it really is troubling,” said attorney Andrea Hunt.
The attorneys say the credit union’s board of directors and the Kentucky Department of Financial Institutions are also partially to blame.
They are urging anyone who had an account at the Louisville Metro Police Officers’ Credit Union in the past 10 years to check your credit report for anything suspicious.