RYE, N.Y. - (08/23/04)-- A pre-trial conference has beenslated for Sept. 24 in the complaint filed by USAlliance FederalCredit Union against CUMIS Insurance Society, Inc. USAlliancealleges CUMIS breached its insurance contract for employeedishonesty and lack of faithful performance. The CU is seekingreimbursement from CUMIS for losses totaling about $8 million itsustained when a long-time employee overseeing an auto leasingprogram intentionally failed to disclose serious operational andfinancial problems and legal activities in the leasing company.Following the discovery of the employee misconduct, USAFCU filed apolicy claim with CUMIS under its indemnity bond policy, but CUMISdenied the claim in April 2003. "Were hopeful the change inleadership of CUNA Mutual Group, though occurring under unfortunatecircumstances, will help facilitate a fair and equitable resolutionto this issue that truly protects our membersinterests, said USAlliance CEO Michael F.Ambrose.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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The Federal Reserve has banned a Wyoming bank employee from the banking industry for embezzling more than $30,000 from a charity.
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