CHICOPEE, Mass. – Police identified a body found Monday in the Chicopee River as that of Douglas Smith, who was charged along with his mother, Carol Aranjo, of looting D. Edward Wells FCU, the once prominent community development credit union. Smith was missing since November when he was reported to have capsized while trying to retrieve a canoe from the rising river. Smith, his mother and father have all been charged in an 86-count indictment with embezzling funds from the now defunct CDCU. Aranjo was a nationally known figure among community development financial institutions and once chaired the National Federation of CDCUs.
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Bank of New York Mellon recorded another quarter of higher-than-expected revenue and earnings. Revenue for the third quarter rose 9% year over year, while earnings per share beat Wall Street's forecast by 12 cents.
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During cybersecurity awareness month (October), financial institutions have ramped up education on phishing, fraud and cyber hygiene. Here's what they're saying.
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PNC CEO Bill Demchak said Wednesday that regulatory processes and enforcement actions take up half of the time that the company's board spends together. Those rules are on deck for a makeover.
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Amid a surge in bank mergers, Citizens CEO Bruce Van Saun said the Providence, Rhode Island-based bank is largely focused on organic growth. "It would have to be a pretty high bar for us to go down that path," he said.
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New research from American Banker finds that financial institutions are asking about ROI, infrastructure costs and compliance burdens.
October 15 -
America's second-largest bank revised its net interest income target upward after what analysts called a "clean" third quarter.
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