State examiner praised for work that led to fraud conviction

May 31, 2016 -- An Illinois state credit union examiner is earning praise from federal prosecutors and law enforcement for her role in identifying a fraud that led May 20 to the conviction of a former credit union CEO for bank fraud and other felonies.

Pam Steele, a credit union examiner for the Illinois Department of Financial & Professional Regulation, initially identified the fraud committed by the former president of the $23 million Tazewell County School Employees Credit Union in Pekin, Ill.

IDFPR Secretary Bryan A. Schneider said Steele – after identifying the fraud in 2010– worked diligently to assist the U.S. Attorney’s office in its 2016 prosecution of  the former executive. Additionally, she testified at the trial.

“State credit union examiners perform a critical role in identifying and combatting fraud, as illustrated by Ms. Steele’s commitment and perseverance,” said Lucy Ito, NASCUS president and CEO. “Because of her actions, the misapplication of credit union members’ money was identified, and justice was done. Congratulations to Ms. Steele and the IDFR for their work, particularly in protecting consumers’ financial resources.”