WASHINGTON - (07/08/05) A federal judge ruled Thursdaythat Bernard Gurr, the self-proclaimed MisikeaFaAlaveleve, or American Samoan BigChief, who headed American Samoa Government Employees FCU,must serve out the remaining year or so on his 70-month prison termfor fraud and conspiracy related to the failure of the tiny Pacificislands only credit union more than a decade ago. But Gurr,who has been jailed at Nellis Air Force Base in Nevada since hisApril 2003 conviction on 19 criminal charges, may return to hisremote island home to serve out the three years of supervisedrelease after leaving prison, rather than serve it in Hawaii, 2,000miles away from home. The court originally sentenced Gurr tosupervised release in Hawaii because it is the closest jurisdictionfor the U.S. judicial system, which has no supervision in AmericanSamoa. Gurr, who has served 51 of his 70-month sentence, hadrequested early release based on Decembers Supreme Courtruling striking down mandatory sentencing guidelines. But NCUA,which reported a $4.6 million loss from the 1993 failure of the $8million credit union, argued against early release, stressing thata stiff sentence was needed to help deter other financial misdeedsin credit unions. The court also upheld a $65,000 restitution orderagainst Gurr.
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BayFirst Financial, which has reported problems with SBA loans, expects to reach an agreement with its regulators in connection with credit administration and other issues.
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A report from J.D. Power indicates that the neobank Chime gained the highest percentage of newly opened checking accounts in the third quarter of 2025.
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The court upheld the Federal Reserve Board's right to block Custodia from direct access to its payment systems. The bank is considering asking for a rehearing.
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The Tacoma, Washington-based bank, which has completed two mergers since 2023, said Thursday that it will buy back up to $700 million of its own shares over the next year.
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New York State's former top regulator Adrienne A. Harris has rejoined Sullivan & Cromwell as of counsel and senior policy advisor; Founders Bank appointed Karen Grau to its board of directors; Deutsche Bank's DWS Group is opening an office in Abu Dhabi; and more in this week's banking news roundup.
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Earned wage access provider EarnIn, which historically has been known for direct-to-consumer EWA, is now integrating its services with payroll providers. The move comes as consumer advocate groups step up efforts for stricter regulation of the industry.
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