G. Kennedy Thompson of court a case in which it allegedly laundered over $378 billion in cash and traveler's checks from Mexican drug cartels in the years 2004 - 2006, during Thompson's tenure as CEO. Terms of the settlement included a $110 million forfeiture and a $50 million fine. Thompson was pushed out of Wachovia Bank (WB) on June 2, 2008, as head of the nation’s fourth-largest bank, becoming the latest financial services executive to be ousted amid turmoil in the U.S. housing market. Thompson will not receive any incentive pay for the 2008 fiscal year, but according to a filing with the
Credit unions in the United Kingdom July 2002. Before the Credit Union Act 1979 was passed, there was no special legal structure for credit unions in the UK. Some of the early credit unions chose to register under the Companies Act and some under the Industrial and Provident Societies Act. They are classified in two types: type 1 are the smaller credit unions while type 2 are larger. From November 2006, many type 2 credit unions began offering their members debit card accounts so that they could withdraw cash from any Link ATM. In June 2008, the Treasury announced plans to encourage the growth of credit