NEWARK, N.J. - (04/24/06) The former president and CEO ofthe New Jersey CU League was sentenced Friday to five yearsprobation and ordered to pay restitution for embezzling almost$300,000 from the state credit union league. Thomas Shaughnessy,43, who pleaded guilty last month to theft by deception forstealing league funds between 2002 and 2004, was also ordered topay a $7,500 and perform 300 hours of community service.Shaughnessy has already paid $50,000 in restitution from the saleof his house and plans to pay another $27,000 from the liquidationof his retirement fund. Meantime, Shaughnessy has dropped the suithe brought against the league for wrongful termination.
-
The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
2h ago -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
11h ago -
Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27 -
A panel at CBA Live explored the contract provisions banks need to consider before embarking on new banking-as-a-service relationships and what catches their eyes in consent orders from banking regulators.
March 27