ROCHESTER, N.Y. - (05/25/06) A local used-car dealer wasconvicted Wednesday of stealing $195,000 by submitting falsedocumentation that allowed to receive a home equity line of creditfrom ESL FCU. David Green, 53, owner of Dave Green Auto World, wasfound guilty of second-degree grand larceny and second-degreecriminal possession of a forged instrument. Green was found to havesubmitted false documents to the credit union in 2004 that showedhe had paid off a $250,000 mortgage on his home, qualifying him forthe HELOC. Green spent the proceeds form the loan on everydayexpenses, prosecutors said. State tax charges are also pendingagainst Green.
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After passing the Federal Reserve's stress tests with high marks, large banks announced dividend increases. In some cases, they also said the Fed had conceded that certain prior calculations needed to be revised.
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A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
July 1 - Yahoo Finance Feed
Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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