Bogus Bank and Credit Union Websites Receive Cease and Desist Orders from DIFS | New

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The Michigan Department of Insurance and Financial Services (DIFS) shut down the websites of four bogus banks and credit unions.

A temporary cease and desist order was issued on September 2 against CEO World Credit Union, Eastern Trust Finance, EH National Bank and Capital Standard Institution.

“DIFS is committed to protecting Michiganders from predatory entities seeking to collect personal and financial information for harmful purposes,” said DIFS director Anita Fox. “Websites like these take advantage of unsuspecting consumers, and we’ll do everything we can to make sure they stay off.”

DIFS said it found many discrepancies and issues on the websites, and the ministry could not find any physical locations for unauthorized institutions. The institutions claimed they were located in Southfield, but listed incorrect post codes and phone numbers for the area.

Administrative Law Judge Stephen Goldenstein will hold a 9 a.m. hearing on Oct. 19 to determine whether the cease and desist order should be made permanent.

Consumers who believe they have been victims of these unauthorized institutions should report it to DIFS by calling 877-999-6442 Monday through Friday 8 a.m. to 5 p.m. or online by visit the department’s website.


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