BFCU originally filed its civil lawsuit New York state court, but the credit union wants to transfer the case to New York City's federal court because of the bankruptcies of Friedman's management company and the cab companies.
22 court filing, BFCU said it is seeking judgement against the cab companies and the "immediate possession" of their medallions, which "could conceivably have" an effect on their bankruptcy estates.
To this end, BFCU
has implemented a program that will help our members when they need it most - when their identity has been compromised.
Rapid membership growth drove BFCU in its search for a technology upgrade.
Along with a new core system, BFCU implemented Open Solutions' Financial Accounting Systems for general ledger, accounts payable and fixed assets; the Mortgage Loan Origination System; and the interactive voice response (IVR) system.
By gaining an understanding of their member's financial needs, BFCU anticipates becoming more competitive with other mega banks in the area.
Despite other vendor's claims that their systems were open, BFCU found that Open Solutions' TCCUS was truly open.
With the former CEO's permission, he withdrew more than $500,000 from his BFCU
accounts without depositing sufficient money into those accounts to cover the withdrawals.