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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JPMorganChase and Bank of America raised concerns about the proposed removal of risk-weighted assets from the denominator of the short-term wholesale funding component of the GSIB surcharge — changes backed by Goldman Sachs and Morgan Stanley.
June 26 -
House Speaker Mike Johnson, R-La., reportedly plans to send the recently passed housing bill to the White House on Monday, starting a 10-day clock for the president to sign the bill.
June 26 -
The global payments platform, which recently expanded to the U.S., also plans to build new autonomous finance and agentic commerce products.
June 26 -
A new lawsuit seeking class-action status alleges that FirstBank Puerto Rico knowingly facilitated Jeffrey Epstein's sex trafficking operation by failing to enforce basic anti-money-laundering and know-your-customer rules.
June 26 -
Pinnacle Financial Partners' headquarters is moving to a new 25-story office tower in Midtown Atlanta; New Jersey-based Provident Bank appoints Adriano Duarte to succeed Thomas Lyons as chief financial officer; Binance will shut down services for customers in France, Italy, Spain and Poland after the exchange withdrew its MiCA licence application in Greece; and more in this week's banking news roundup.
June 26 -
The bank is part of a trend of financial institutions trying to streamline a complicated industry that paper has dominated for years.
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