In a cease and desist order, Georgia's chief regulator, Robert Braswell, has told a suburban Atlanta firm, Georgia Entertainer's Credit Union, to stop calling itself a credit union.
The order was issued following an earlier agency warning sent to the firm. Braswell, the state's commissioner of banking and finance, said the agency "has no record of Georgia Entertainer's Credit Union and has not approved this entity to organize a credit union or conduct a credit union business in Georgia."
The firm's website and a recorded message promotes "exceptional events and services" and asks potential members to fill out "a mandatory form to receive the benefits" of membership. The message states that the GECU is "not open to take your savings dollars at our branch" but urges consumers to sign up online.
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