LYNCHBURG, Va. (AP) -- Nearly 180 accounts at a failed credit union in Lynchburg are awaiting resolution and refunds.
The accounts' collective balance is about $7 million.
National Credit Union Administration spokesman John Fairbanks says another 1,500 accounts at Lynrocten Federal Credit Union have been paid in full. He tells the News & Advance (http://bit.ly/10t9dlt ) that more than $2 million has been returned to credit union members.
The credit union was shut down May 3 after the NCUA determined that it was insolvent. It had more than 1,000 members and more than $13 million in assets.
Federal authorities are investigating loans fraudulently taken out in the names of credit union members.
Information from: The News & Advance, http://www.newsadvance.com/
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