An off-duty police officer who was working as a security guard at Michiana CU was fired last week after he confessed to stealing $1,000 while he was helping the branch manager count out cash at the end of the day. Cpl. Dean Crane and several other off-duty officers had been hired at Michiana CU because of security concerns raised by employees following a May 17 armed robbery at the credit union. "However, bank officials did not count on the fox guarding the hen house," a prosecutor said of Crane. Crane resigned from the force and was charged with theft, after he confessed and returned the stolen cash. Michiana CU operates as a subsidiary of Bayer FCU, which acquired it in a merger three years ago.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27