WICHITA FALLS, Texas - (11/09/05) -- A former teller at Wichita FallsTeachers FCU pleaded guilty to taking more than $305,000 from thecredit union's vaults in a multi-year scheme, authorities announcedTuesday. Amy Henry Berend pleaded guilty to a single count ofmisapplication of credit union funds and faces up to 30 years inprison when she is sentenced. The management of the credit uniondiscovered a discrepancy in the amount of vault cash on Aug. 17,and an internal audit verified the shortage. An independent auditconfirmed the cash shortage. Berend concealed the vault cashshortage by falsifying credit union documents to overstate theamount of funds in the cash dispenser, by posting cash transactionslate to make the shortage in the vault appear less than the actualshortage, and by indicating that funds had been transferred to anATM, court records show.
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Some customers reportedly complained about getting locked out of their accounts after signing up for the bank's new Strata Elite credit card. "We feel like we have done the right thing for all of our good customers," Pam Habner, Citi's head of U.S. branded cards, said Tuesday.
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Speakers at the Most Powerful Women in Banking conference Tuesday shared several scenarios in which banks will benefit from dollar-pegged cryptocurrency.
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The McClean, Virginia-based bank said Tuesday that credit quality remained strong in the third quarter, and that it has approved a plan to buy back $16 billion of common stock. It's temporarily tapping the brakes on loan growth as it digests the Discover acquisition.
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At American Banker's Most Powerful Women in Banking Conference in New York City, former Most Powerful Women in Banking honorees said to build skills that you can take with you outside of a big bank, and that banks should reward risk-taking and building over incremental change.
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Bank of America has a playbook for government shutdowns, which includes providing fee and payment waivers as well as loan deferrals and forbearance programs, CEO Brian Moynihan said at the American Bankers Association's annual convention.
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New guidance outlines specific due diligence and oversight steps banks must take, reinforcing that they are ultimately accountable for vendor failures.
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