AMERICAN FORK, Utah – In a scheme that is becoming increasingly popular, a member of Mountain America CU was charged with stealing almost $3,000 from its ATMs by depositing fake deposits. The unidentified member used blank deposit slips to withdraw cash she didn’t have in her account, according to local police. The scheme is growing in popularity among ATM crooks because of the new image-enabled deposit-taking ATMs. Other area financial institutions have apparently been victims of the same swindler, who told police she’s done it more than 100 times.
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The central bank extended the deadline for comments on Regulation O by one month, to Nov. 4.
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The Brazil-based digital bank, which recently launched a U.S. business, submitted an SEC filing to stop the spread of misinformation.
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The bank-owned payments company has been developing an interoperable payments network that will allow banks to clear and settle tokenized deposit transactions. It's targeting an early 2027 launch for the network, and is working toward an atomic future thanks to bank demand.
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More states are providing funding to community development financial institutions, which are contending with hostility from the Trump administration and challenges from high interest rates.
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Chicago-based Northern Trust has started its search for a new CFO as David Fox plans to retire in March; the American Fintech Council has been appointed as an observer on the Conference of State Bank Supervisors' newly formed nonbank industry advisory; Wells Fargo has hired JPMorganChase investment banker David Harkin to advise on technology deals, and more in this week's banking news roundup.
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A proposal is meant to ensure advisors can trade client assets on a discretionary basis without triggering onerous custody requirements, while also giving them a self-custody option for crypto.
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