WICHITA FALLS, Texas - (04/24/06) -- A former teller at Wichita FallsTeachers FCU was sentenced Friday to 27 months in prison andordered to pay $325,000 in restitution for a multi-year scheme tosteal cash from the credit unions vaults. Amy Henry Berendwas given the maximum sentence and was ordered to reportimmediately to federal prison. The cash shortage was discovered bythe credit union during an audit. Berend concealed the 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.
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Acting CFPB Director Russ Vought has managed to neuter the Consumer Financial Protection Bureau through a series of actions. Senate Banking Committee Chairman Tim Scott, R-S.C., played a major role by cutting funding in half.
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Federal Reserve Chair Jerome Powell said there was a "high degree of unity" among committee members during this week's Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.
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The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
September 17 -
Community Financial in Syracuse has made its biggest investment ever in an outside company, taking a $37.4 million equity stake in an insurance provider that focuses on the rental housing market.
September 17 -
St. Cloud Financial Credit Union will be issuing its own stablecoin at the end of this year, becoming one of the first U.S. credit unions to do so.
September 17 -
The two BNPL giants' pay-over-time loans will now be available for in-store purchases on Apple Pay in a move to capture more sales at brick and mortar stores.
September 17