SPOKANE, Wash. - (04/17/06) A convicted con man pleadedguilty Friday to bilking a local title agent who stole more than$670,000 from credit union and bank customers so she could pursue aget-rich scheme known as the Nigerian Letter. TerryAyeni, 42, a Nigerian national, duped Donna Burbank into lootingfunds she held in escrow for homebuyers and their lenders to helpAyeni and accomplices recover what they billed as $35 million incash that had been blackened to get it through U.S. Customs.Burbank is serving a three-year prison sentence for stealing thefunds, $170,000 of it from Coulee Dam FCU. Ayeni pleaded guilty toone count of conspiracy and agreed to provide information about atleast three others involved in the scheme. The Nigerians convincedBurbank they needed funds to pay to have the cash cleaned after itcleared Customs, according to prosecutors. Ayeni is already servingtime in Ohio for an identical scam in New York and was scheduled tobe deported to Nigeria when his term expires, but is now expectedto receive a longer term when he is sentenced in June.
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Acting CFPB Director Russ Vought has managed to neuter the Consumer Financial Protection Bureau through a series of actions. Senate Banking Committee Chairman Tim Scott, R-S.C., played a major role by cutting funding in half.
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Federal Reserve Chair Jerome Powell said there was a "high degree of unity" among committee members during this week's Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.
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The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
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Community Financial in Syracuse has made its biggest investment ever in an outside company, taking a $37.4 million equity stake in an insurance provider that focuses on the rental housing market.
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St. Cloud Financial Credit Union will be issuing its own stablecoin at the end of this year, becoming one of the first U.S. credit unions to do so.
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The two BNPL giants' pay-over-time loans will now be available for in-store purchases on Apple Pay in a move to capture more sales at brick and mortar stores.
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