ROCKFORD, Ill. - (07/24/06)A former branch manager for ABDFCU in nearby Belvidere was sentenced Friday to four months infederal prison, followed by four months of home detention and threeyears supervised release, for embezzling $31, 532 from the creditunion. James Welin was also ordered to repay the funds and fined$500. Welin confessed to stealing cash from his drawer by forgingmembers names on withdrawal slips between March 1999 andAugust 2001. He attempted to conceal the embezzlement by markingsome of the customer accounts no mail to preventmonthly statements from being mailed.
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The longtime Federal Reserve chair served under four presidents and presided over the deregulatory and pro-market push of the 1990s and early 2000s that set the stage for the 2008 mortgage crisis.
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The child of a slave grew up to become the first woman to open a bank in the U.S., and pioneered community banking for Black communities.
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Life insurers have offloaded long-term policyholder liabilities into offshore reinsurance and captive subsidiaries, raising concerns over state oversight of opaque investment vehicles and whether insurers have adequately funded claims.
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The D.C. Circuit Court of Appeals halted the Trump administration's attempt to fire nearly two-thirds of the Consumer Financial Protection Bureau's workforce, upholding a March 2025 injunction.
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JPMorganChase wants to expand its digital bank offerings to three more European countries, according to a new Financial Times report; M&T Bank Corp. elects Jerry Jacobs Jr. to the board of directors of both its parent and banking subsidiary; Citizens Financial Group names Chris Emerson as head of investor relations; and more in this week's banking news roundup.
June 19 -
Banks that don't embrace embedded payments now risk losing out to more nimble rivals in the near future.
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