Mich. Regulators Say Credit Union May Be Scam

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bank Mich. Regulators Say Credit Union May Be ScamMichigan regulators say a Grand Haven-based credit union called Whitestone Credit Union may have been operating a scam.

The Office of Financial and Insurance Regulation announced Tuesday that it has ordered Whitestone Credit Union to stop doing business.

The agency said it believes Whitestone used a website and telephone answering service to pose as a legitimate credit union and may have been attempting to steal consumers’ money and identity information.

A telephone listing for Whitestone wasn’t working Tuesday morning. Its website also wasn’t working.

The state said Whitestone was encouraging customers to apply for loans by providing personal information including social security and financial account numbers.
Office of Financial and Insurance Regulation: http://www.michigan.gov/ofir
(Copyright 2010 by The Associated Press.  All Rights Reserved.)

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