AUSTIN, Texas – An item that appeared on The Credit Union Journals daily website for Monday, Jan. 23, regarding Velocity CU and a lawsuit it has filed against the Standard Insurance Co. incorrectly stated the nature of the suit. The item reported Velocity had established a $10-million benefit plan for two top executives, but the plan was established for all Velocity employees. The lawsuit, however, is in reference to The Standard’s failure to account for an IRS rule when creating the plan, and this rule only affects the retirement benefits of two Velocity executives.
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By training a core payment card fraud-detection platform on more than 15 billion transactions, the card network is honing the accuracy of warnings sent to issuers about suspicious purchases.
2h ago -
Rep. Andy Barr, R-Ky., is introducing a bill to establish an Office of Supervisory Appeals at each of the banking regulators and that would give banks more power over the appeals process.
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Capital Community Bank of Provo has purchased Security Home Mortgage, headquartered in nearby Orem.
May 6 -
The Minneapolis-based company has promoted Kedia to president, a role that CEO Andy Cecere and his predecessor both held before being named to the top job.
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The Consumer Financial Protection Bureau's overdraft proposal would set fees at $14. With fee income under attack from many sides, bankers say they would have to further restrict credit.
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In a surprise move, the Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and Federal Housing Finance Agency proposed a long-awaited rule to curb certain incentive-based pay arrangements for bank executives.
May 6