MINNEAPOLIS - (02/08/05) -- A 56-year-old suburbanite wascharged in a 21-count indictment Monday with committing an 18-monthspree of credit union and bank robberies that marked him as thestate's most prolific bank robber. A federal grand jury chargedthat John Whitrock, of nearby Burnside, was the Fishing Hat Bandit,who robbed as many as two dozen credit unions and banks, many ofthem wearing his trademark fishing hat and high-water waders.Whitrock was charged with robbing 15 credit unions and six banksand one attempted robbery at a credit union. The bandit was finallyreeled in after hitting Real Financial CU on Jan. 7 when the creditunion's manager, Dean Wickstrom, chased him down and alerted policeto his hiding place, culminating in a guns-drawn capture near thecredit union. The indictment, a copy of which was obtained by TheCredit Union Journal, charges Whitrock stole a total of $87,000from the credit unions and banks, with a high of $12,877 taken fromMinnesota Building Trades FCU, and just $326 stolen from AmericaBank.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
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At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
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Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
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Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
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