PenFed Recognized by U.S. Treasury’s Financial Intelligence Unit for Award-Winning Compliance Efforts Helping Law Enforcement Prosecute Significant Criminal Case

TYSONS, Va., June 15, 2017 /PRNewswire-USNewswire/ — PenFed Credit Union has been recognized by the United States Treasury’s financial intelligence unit for award-winning compliance efforts that led to successful prosecution of a significant criminal case.

In a letter to PenFed President and CEO James Schenck, Financial Crimes Enforcement Network (FinCEN) Acting Director Jamal El-Hindi thanked PenFed for “making substantial contributions, through the institution’s Bank Secrecy Act (BSA) reporting, to one of six significant criminal cases to receive FinCEN’s third annual Law Enforcement Award.” 

The FinCEN leader noted that “information reported under BSA was critical to prosecutorial success. The investigations that we are recognizing through this awards program may not have been pursued but for the reporting made by financial institutions, like yours, pursuant to FinCEN’s regulatory requirements.  I am pleased to recognize that BSA reporting by your institution made a significant contribution to the law enforcement efforts of one of the six award-winning cases.”

FinCEN must limit details that can be publicly shared about each case, but El-Hindi wrote, “We wanted to provide this letter… in recognition of your institution’s valuable contribution.  We hope that this letter underscores the importance of your institution’s compliance efforts, and reminds everyone contributing to anti-money laundering compliance at your institution—from the CEO to the front-line service staff—that their efforts truly make a difference each and every day.  Thank you again for your important compliance efforts.”

Schenck emphasized that “PenFed has developed a strong culture of compliance with BSA regulations as we work with FinCEN, the National Credit Union Administration (NCUA), and other government agencies to detect money laundering and financial criminals.  I am very proud of our team of former Secret Service, Federal Bureau of Investigation (FBI) and career financial professionals who are steadfast in their respective responsibilities—quiet professionals who are making a difference.  As a leading credit union, we place a high priority on combating money laundering and financial crimes in order to protect our members and our national security.”

Successful compliance is a team effort, Schenck concluded.  “At PenFed, we have a team of teams working together on compliance.  Every Executive Vice President oversees some forms of compliance, and compliance responsibilities extend far beyond executives.  We provide compliance training to all members of the Board of Directors, the Supervisory Committee, and all full-time employees.  If all of us think like compliance officers, the credit union will be even more vigilant in protecting members from financial criminals.”

About FinCEN
The Financial Crimes Enforcement Network (FinCEN) was established as a bureau of the United States Department of the Treasury by the USA PATRIOT Act.  FinCEN serves as the U.S. government’s financial intelligence unit.  FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.  To fulfill that mission, FinCEN established two strategic goals: 1) Safeguard the financial system from evolving money laundering and national security threats; 2) Maximize sharing of financial intelligence between FinCEN and its domestic and foreign partners in government and private industry.

About PenFed Credit Union
Established in 1935 as the War Department Credit Union, PenFed Credit Union is one of the largest credit unions in the country, serving over 1.6 million members worldwide with more than $23.6 billion in assets. Our long-standing mission has been to provide superior financial services in a cost effective manner, while being responsive to members’ needs. PenFed Credit Union offers market-leading mortgages, automobile loans, credit cards, student loans, checking, certificates, and a wide range of other financial services with its members’ interests always in mind. PenFed Credit Union serves a diverse population, and no military service is required to join. PenFed Credit Union offers many paths to membership, including numerous employee groups and association affiliations. PenFed Credit Union is federally insured by the NCUA and is an equal housing lender. To learn more about PenFed Credit Union, visit, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Opportunity Employer: M/F/V/D.

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SOURCE PenFed Credit Union

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Pricing of GBP400 million Unsecured Offering

LUXEMBOURG, June 2, 2017 /PRNewswire/ — Ardagh Group (“Ardagh” or “the Group”) announces that it has priced an offering of GBP400 million Senior Notes due 2027 at a coupon of 4.750% (the “Notes”). Proceeds from the issuance of the Notes, net of expenses, together with available cash, will be used to redeem in full the US$500 million Senior Secured Floating Rate Notes due 2021 in accordance with the call schedule and to pay accrued interest and applicable redemption premia.

This transaction is consistent with the Group’s aim to continually optimise its capital structure. Following completion, Ardagh will have no debt maturities before 2021 and an average maturity of 6.9 years. Approximately 90% of debt is at fixed interest rates.

Paul Coulson, Chairman, said

“We are very pleased with the continued support we have received from a broad investor base in our first Sterling bond issue. We have issued 10-year unsecured financing on favourable terms which provides us with attractive Sterling hedging. We have also increased the strength and flexibility of our capital structure and further reduced risk from future market volatility. We have also reduced our exposure to potential US Dollar interest rate rises.

The redemption of our EUR405 million 4.250% First Priority Senior Secured Notes due 2022, also announced today, is in line with the plans outlined at the time of our IPO and takes the total available cash used for debt reduction in 2017 to over US$750 million.”  

Ardagh Group is a global leader in metal and glass packaging solutions, producing packaging for most of the world’s leading food, beverage and consumer brands. It operates 109 facilities in 22 countries, employing approximately 23,500 people and has global sales of approximately €7.7 billion.

The Notes have not been registered under the U.S. Securities Act of 1933, as amended, or any U.S. State security laws. Accordingly, the Notes have been offered and sold in the United States only to qualified institutional buyers in accordance with Rule 144A under the U.S. Securities Act of 1933 and outside the United States in accordance with Regulation S under the U.S. Securities Act of 1933.

The offering of Notes has been made pursuant to an exemption under the Prospectus Directive, as implemented in Member States of the European Economic Area, from the requirement to produce a prospectus for offers of securities. This announcement does not constitute an advertisement for the purposes of the Prospectus Directive.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities referred to in this announcement, in any jurisdiction, including the United States, in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Securities may not be offered or sold in the United States absent registration under the Securities Act, or an exemption from registration.

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SOURCE Ardagh Group

Reverse Consolidation Breaks the Cycle of Cash Advances

NEW YORK, June 2, 2017 /PRNewswire/ – Cast Capital, 265 West 37th Street PH2300A, direct funder, has released a Reverse Consolidation Program worthy of every small business owner’s attention. Cash advances can cripple a business – owners get caught in a cycle of advance after advance with no recourse of correcting the hemorrhaging of cash flows, ultimately putting small businesses under. Businesses find it necessary to utilize cash advances as short term bridge loans to finance payroll, upcoming projects, inventory etc. Once the daily payments become too expensive, business owners will take on more cash advances to help pay for their current daily payments, starting the cycle.

Cast Capital’s Reverse Consolidation Program is the solution to breaking the cycle, providing the oxygen necessary to fuel small business growth. Business owners with multiple positions are actively searching to get out of the expensive cash advance machine and into better structured programs with affordable rates and advantageous terms.

Cast Capital’s Principal, Bruce Leybel, believes that the direct lending industry at large will benefit from Reverse Consolidation. “As the fiduciary to a business owner, it is the responsibility of the financial institution to provide tangible solutions to maintain healthy business growth, instead of letting a business fail.”

Reverse Consolidation is not Debt Consolidation. Cast Capital’s Reverse Consolidation deposits monies directly into the owner’s business bank account on a weekly basis to satisfy all current cash advance positions. Cast Capital withdrawals a smaller daily payment directly from the business account at an agreed upon purchase of future receivables for an extended payback period. As the current cash advances come to term, less and less monies are deposited into the business bank account until all current cash advance positions are satisfied. Cast Capital believes all current cash advances should be paid off. The business owner will continue to pay that smaller daily payment until the Reverse Consolidation program ends. No restructuring or settling with current cash advance funders is necessary.

Once the program is over, a business is free of cash advances. However, Cast Capital provides business owners the opportunity to refinance after good daily payment history one month into the program. Win – Win for business owner and funder. Funders aren’t stuck with a loss from outstanding balances once business’ fail; owners are given a clear path to financial freedom.

Upfront, Reverse Consolidation saves business owners up to 50% of their monthly advance payments, freeing up cash flow. Business owners with any number of positions will be considered for the program as long as the current positions have a payoff date less than 6 months away.

“A step in the right direction,” Bruce Leybel, Cast Capital’s Principal.

Cast Capital is actively seeking business owners with multiple cash advances, ISO’s with stacked positions. Cast Capital is more than willing to work with debt consolidators with stacked positions, Cast Capital contractually mandates all merchants submitted for the Reverse Consolidation Program are off limits to debt restructure.

For more information go to:

Media Contact: 
Chris Held 
201-515-5563 * 108

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SOURCE Cast Capital