WHITTIER, Calif. - (04/26/06) Local police are searching fora young hacker who until recently lived with his parents, but sincethen has moved from hotel to hotel as he has led a ring of creditcard thieves. Three suspects were arrested last week but theringleader remains at large while police try to tally the losses tomore than a dozen credit unions and banks around the country. Thering has apparently hacked into the websites of theinstitutionsincluding LA FCU, Orange County's FCU, Vista FCUand California Coast CUand gained confidential memberinformation that they have used to make counterfeit credit cards byduplicating the magnetic stripes with the members' data, accordingto Det. Ed Nyberg of the Whittier Police Department. The cards havebeen used to buy thousands of dollars of high-priced electronicequipment and make cash withdrawals on the credit unionmembers accounts, he said. Ive got creditunions all over the country involved, Nyberg told The CreditUnion Journal. Other victims are customers of MBNA and CommerceBank of Kansas City, he said. Whittier Police arrested threefigures in the ring, but the alleged ringleader, identified as22-year-old Robert Foote, remains at large. Foote, who usuallylives with his parents in this suburb of Los Angeles, has recentlybeen moving from hotel to hotel to elude police, according toNyberg.
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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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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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