(CBS) — Wheaton College has announced Sunday that it is removing Dennis Hastert’s name from the school’s economics and public policy center after he was charged with allegedly concealing bank withdrawals.

The J. Dennis Hastert Center for Economics, Government, and Public Policy at Wheaton College will now be named the Wheaton College Center for Economics, Government, and Public Policy after the former speaker of the house was indicted last week.

Last week, Hastert was charged in an alleged attempt to conceal large bank withdrawals and used the money to cover up past “misconduct.”

Published reports say that misconduct involves an abusive sexual encounter, which happened sometime before Hastert entered politics in the early 1980s when he was a high school teacher and coach in Yorkville.

Hastert, a 1964 Wheaton alum, resigned from the school’s board of advisors on Friday.