The Michigan Department of Insurance and Financial Services (DIFS) has ordered the websites of four alleged fake banks and credit unions to be taken down after issuing a temporary cease-and-desist order 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 will do everything possible to ensure they stay deactivated.”
On September 2, DIFS issued a temporary cease-and-desist order against the four unauthorized financial institutions holding themselves out to be banks and credit unions online. DIFS’ investigation found numerous discrepancies and issues on the websites, and DIFS was unable to identify any physical location for the unauthorized institutions, DIFS said in a news release.
On their websites, the unauthorized institutions claimed to be located in Southfield, but listed incorrect zip codes and phone numbers for that area.
An administrative hearing will be held at 9 a.m. October 19 before Administrative Law Judge Stephen Goldstein to determine whether the cease-and-desist order should be made permanent.
Consumers who believe they may have fallen victim to 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 visiting the department’s website.