AMARILLO, Texas - (10/09/06) The former president ofBurlington Northern Santa Fe CU was sentenced to more than twoyears in jail Friday for lying to investigators probing allegationsthat she and a former employee covered up $127,000 in insider loansto her family. Barbara Dunn pleaded guilty in September to makingfalse statements to a federal credit union. She was charged withmaking a false report of delinquent loans. Dunn was sentenced to 27months in federal prison and ordered to pay the credit union$127,000 in restitution. Prosecutors said Dunn ordered an employeeto change due dates on outstanding loans extended to Dunn and herfamily in order to mislead NCUA investigators by showing falselythat the loan payments were up to date, when, in fact, they weredelinquent. The employee, Sarah Lockwood, pleaded guilty Thursdayto making false statements to a federal agency.
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The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
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The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
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Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
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