MIDWEST CITY, Okla. - (05/19/06) -- A would-be robber who exchangedgunshots Wednesday with an off-duty police officer at CU ServiceCenters was in critical condition at a local hospital Thursdayafter being shot in the chest. The suspect, who entered the creditunion wearing a mask and brandishing a handgun, was identified as27-year-old Aaron Kennedy. The off-duty officer was working in theshared branch as a security guard. A 71-year-old credit unionmember was hit in the crossfire in the knee and is expected torecover from her wounds, police said.
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The Federal Reserve authorized a bid by Morgan Stanley to incorporate its German investment bank under its U.S. bank subsidiary. Three Biden nominees on the Fed board dissented, citing concerns that the move could heighten risks for the U.S.-based investment banking giant.
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In three separate appearances Thursday, Fed Gov. Lisa Cook, Gov. Michael Barr and Vice Chair Philip Jefferson said they are worried that U.S. involvement in the war with Iran could drive up inflation, leading them to conclude that interest rates should remain steady in the near term.
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Federal Reserve Gov. Stephen Miran on Thursday detailed a plan to reduce the central bank's balance sheet, saying a smaller footprint would reinforce policy boundaries but could also bring more market volatility.
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The Canadian bank laid out its rationale Thursday for opening new branches in California. The objective is to increase density in the Golden State, and subsequently achieve greater market share and higher returns.
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The legislation would grant the Consumer Financial Protection Bureau, among other agencies, more oversight of airline-branded credit cards and rewards schemes.
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PayPal, Stripe, Visa and Mastercard must be vigilant against offboarding clients for political or religious reasons, the Federal Trade Commission warned Thursday.
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