Authorities said they have attached enough ill-gotten funds to repay investors in a phony CD scam drawn on World Bank Staff FCU. One of two men who allegedly sold the bogus CDs, Robert Holcombe, agreed to pay authorities almost $97,000 to help repay victims. The funds, along with the $339,000 frozen at Fifth Third Bancorp, should be enough to reimburse the almost 20 investors on the scheme, authorities said. A civil suit claims Holcombe and his partner, Dover Holland, solicited the investments by claiming they were backed by the Washington, D.C.-based CU, even though neither one had any connection with WBSFCU.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
8h ago -
Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
10h ago -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
11h ago - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27 -
A panel at CBA Live explored the contract provisions banks need to consider before embarking on new banking-as-a-service relationships and what catches their eyes in consent orders from banking regulators.
March 27 -
VersaBank in London, Ontario, agreed nearly two years ago to buy a small Minnesota bank. The buyer's CEO says he remains hopeful approval will come soon.
March 27