BAKERSFIELD, Calif. – A local businesswoman, her husband and mother were charged last week with a credit insurance fraud that took a couple of local credit unions and CUNA Mutual Group for hundreds of thousands of dollars. Authorities charged that Shawn Dodd, 40, used loans from Kern Central CU to buy sports cars, a boat and a motor home--all secured with credit disability through CUNA Mutual–then defaulted on the loans for what was a dubious back injury. Dodd also bought a truck with a loan from GMAC, which was secured by credit disability from Universal Underwriters Insurance. Her husband, James Dodd, 48, was charged with securing a $104,000 loan from Kern Schools FCU to buy another motor home based on phony loan documents. The vehicle was eventually repossessed and sold at a loss of $46,000 to the credit union. And Shawn Dodd’s mother, Barbara Bayird, was charged with fraudulently obtaining a $45,000 loan from the credit union to buy a Corvette. Shawn Dodd allegedly claimed the two were working for her company at inflated salaries to qualify for the loans. The investigation was conducted by the California Insurance Department and CUNA Mutual Group.
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Part of the growing "phishing-as-a-service" economy, the Spiderman kit offers novice hackers sophisticated tools to target customers of major EU institutions.
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Banks may need to offer people over the age of 65 more than just digital experiences, according to an executive at J.D. Power, which surveyed more than 11,000 retail banking customers.
December 12 -
In a move some industry observers call "dangerous and irresponsible," the administration is taking down consumer protection guardrails that have been put up by states like California and Colorado.
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Rohit Chopra is named senior advisor to the Democratic Attorneys General Association's working group on consumer protection and affordability; Flagstar Bank adds additional wealth-planning capabilities to its private banking division; Chime promotes three members of its executive leadership team; and more in this week's banking news roundup.
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The Office of the Comptroller of the Currency Friday approved national trust charter applications for five crypto firms, affirming the administration's push to allow crypto companies the ability to take deposits.
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Kansas City Federal Reserve President Jeffrey Schmid and Chicago Fed President Austan Goolsbee said in statements Friday that their dissents from this week's interest rate decision were spurred by inflation concerns and a lack of sufficient economic data.
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