PIERRE, S.D. - (12/20/05) -- When more than $10,000 mistakenlyappeared in the account of 17-year-old member of Sioux Falls FCUthe teenager took his new-found fortune and bought a new car. Butthen, another member of the credit union with the same namereported the funds had disappeared from his account and reportedthe discovery to the police. By then the money had been spent. Theteen, identified only by his initials, B.J.T., told police hethought the money was transferred to his account by his mother whoreceived it from the settlement of a traffic crash. Last week, theSouth Dakota Supreme Court agreed with a lower court and found theboy guilty of grand theft and ordered him to pay the money back.The court found that the teenager knew the money wasn't his andfailed to repay the credit union.
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Two former members of the Federal Open Market Committee said in interviews that they expect the Federal Reserve to keep rates steady amid uncertainty over the ongoing war with Iran and the resulting upward pressure on inflation.
March 27 -
Goldman Sachs Chief Legal Officer Kathryn Ruemmler received an 11% pay hike last year, bringing her total compensation to $25 million; U.S. Bank promoted Toby Clements to chief operations officer; Klarna is expanding its forward-flow and whole-loan sale deal with Elliot Investment Management to $2 billion; and more in this week's banking news roundup.
March 27 -
Carter Bankshares in Martinsville, Va., sold more than $200 million of loans made to companies controlled by Sen. Jim Justice and his family, closing out a once close relationship that later descended into rancor and litigation.
March 27 -
The Federal Deposit Insurance Corp.'s Office of Inspector General said in a Thursday report that staffing cuts over the past year could strain supervision and the agency's response to a crisis.
March 27 -
The latest rise in property tax collections at the end of last year continued a nine-quarter streak of increases, according to the National Association of Home Builders.
March 27 -
American Banker data finds that regulatory clarity is the top ask from executives holding back on adoption planning.
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