FAKE credit union ... It's night time in the banking world. The cockroaches are everywhere.

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http://www.freep.com/article/20090312/COL07/903120416

Fake credit union called real scam
BY SUSAN TOMPOR • FREE PRESS COLUMNIST • MARCH 12, 2009



Consumers looking for a break on a loan are being warned to watch out for scam artists promoting a fake credit union on the Internet.

The Michigan Office of Financial and Insurance Regulation has issued a cease and desist order for a so-called Dearborn-based Communal Credit Union. "No one is at the physical address that they list," said Jason Moon, public information officer for Michigan's regulatory office.

Suspicions were raised

State regulators had heard about Communal after consumers called their hotline.

Ken Ross, commissioner of OFIR, said the firm is not a credit union and not authorized to do business in Michigan.

Regulators found an empty storefront when they visited the site. Regulators said they do not know who is behind the scam.

The Web address is www.communalcreditunion.com.

On Wednesday, the Web site promised: "Whether your dream is to buy a home or refinance your mortgage, our mortgage specialists are here to help. Refinance today to consolidate debt, lower monthly payments and get cash out."

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1. Sucker Site..