ALTON, Ill. – Alton Bell Community CU filed suit against its CEO and 13 members claiming the CEO authorized car loans based on false financial statements or collateral that was not the worth the value represented.
In an action filed in state court here, the credit union claims it lost hundreds of thousands of dollars after its president, Ann Lilleberg, approved the loans to 13 members who have defaulted.
The suit seeks more than $50,000 from the CEO and other relief.
President Donald Trump administered Federal Reserve Chair Kevin Warsh's oath of office in a ceremony Friday morning. Warsh is expected to pursue changes at the central bank, including a push to reduce its $6.7 billion balance sheet.
Federal Reserve Gov. Christopher Waller said in a speech Friday that he favors holding interest rates steady until energy prices fall, but noted that the central bank should be ready to hike rates if inflation gets too far out of hand.
Cetin Duransoy said every employee at his company is now using AI in some way.
Many banks are missing revenue and cost-cutting opportunities—and potentially disenfranchising customers by not offering relevant app details.
Lenders pulled back on commercial real estate loans in 2023, as high interest rates put pressure on property values. They're now returning to the sector, and the renewed competition is prompting a pricing war.
The business banking fintech, which recently received conditional approval for a de novo bank charter, now has a $5.2 billion valuation.
