Bank Exchange president denies reports of unlicensed credit unions operating in U.S.

<p>MISSOULA, Mont. – In response to a Jan. 7 UPI Newswire report that The Bank Exchange, LLC was operating unlicensed credit unions in the U.S., the company’s president, Dale Erickson, said the statement is not true. Erickson recently spoke to Credit Union Times to clarify that the six credit unions listed in the UPI article either will or presently operate on the island of Nevis and the Marshall Islands. He said The Bank Exchange is a “structuring company for people who want to do business off-shore.” “We are creating and devising a credit union program from the island of Nevis and the Marshall Islands,” Erickson said. “As we speak, we are in the process of getting legislation in both countries to allow us to do so.” According to the company’s Web site, Bank Exchange carries “an extensive inventory of “seasoned” charters and licenses to institutions in many international jurisdictions,” and will “pay cash for pre-owned licenses, and provide an objective appraisal of your present license in terms of your goals, and those of your client.” At press time, Eric Richard, CUNA’s general counsel, who originally contacted several regulatory agencies including the SEC about Bank Exchange, was out of the office on business and unavailable to comment.</p>