BRIGHTON, Mich. – A former branch manager for Huron River Area CU was charged with a fake loan scam that siphoned about $100,000 from the credit union’s branch here. Jason Dodge, 31, allegedly took out fake loans in members’ names to cover up the fund he stole since the start of the year, police said. Dodge is accused of taking cash from the vault, then creating phony loans to cover the theft. The alleged scheme was uncovered by auditors for the credit union, which is in conservatorship.
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The central bank extended the deadline for comments on Regulation O by one month, to Nov. 4.
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The Brazil-based digital bank, which recently launched a U.S. business, submitted an SEC filing to stop the spread of misinformation.
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The bank-owned payments company has been developing an interoperable payments network that will allow banks to clear and settle tokenized deposit transactions. It's targeting an early 2027 launch for the network, and is working toward an atomic future thanks to bank demand.
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More states are providing funding to community development financial institutions, which are contending with hostility from the Trump administration and challenges from high interest rates.
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Chicago-based Northern Trust has started its search for a new CFO as David Fox plans to retire in March; the American Fintech Council has been appointed as an observer on the Conference of State Bank Supervisors' newly formed nonbank industry advisory; Wells Fargo has hired JPMorganChase investment banker David Harkin to advise on technology deals, and more in this week's banking news roundup.
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A proposal is meant to ensure advisors can trade client assets on a discretionary basis without triggering onerous custody requirements, while also giving them a self-custody option for crypto.
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