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Press Release
Banking Department Warns New Consumers: Firststar is Unauthorized Credit Union

May 13, 2009

New York, NY: The New York State Banking Department is warning consumers that an unauthorized entity called FIRSTSTAR Credit Union is advertising itself in New York as a lender and provider of financial services. The Department has no record of this entity as a legitimate credit union or otherwise. The National Credit Union Administration (NCUA) has also indicated that there is no federal credit union chartered or authorized to conduct business under the name “FIRSTSTAR Credit Union.”

The Georgia Department of Banking & Finance and the Pennsylvania Department of Banking have also issued consumer alerts against doing business with FIRSTSTAR, which claims that it is located in York, Pennsylvania. The Pennsylvania Department warned of an apparent advance fee loan scam under the names “First Star Lending Services” and “First Star Credit Union.”

Michigan’s Office of Financial and Insurance Regulation ordered an entity claiming to be a Pennsylvania-based credit union called Firststar Credit Union” to cease and desist from doing business in that state.

The public is strongly cautioned against doing business with this unauthorized entity.

The New York State Banking Department is the regulator for all state-chartered banking institutions, virtually all of the United States offices of international banking institutions, all of the State’s mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners. The aggregate assets of the depository institutions supervised by the Banking Department are more than $2.4 trillion.

In addition to regulating banking institutions, the Banking Department is active in informing and educating all New Yorkers on banking matters. To contact the Banking Department, please call 1-877-BANK-NYS or visit our Web site at www.banking.state.ny.us.

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