SPRINGFIELD, Ill. - (03/14/05) -- A state judge Friday ordered thestate government to immediately stop using money from three fundsused to finance financial institutions regulation for generalgovermment expenses. Judge Leo Zappa issued a temporary restrainingorder, saying credit unions, banks and S&Ls could beirreparably harmed if the money is diverted from previuslydedicated accounts to the state's general fund. A group offinancial institution trade associations, including the Illinois CULeague, filed suit in December charging the funds sweeps wereillegal under the state's constitution, which created dedicatedfunds to finance examinations of financial institutions and forother purposes. The suit is still pending. The diversion of the CUFund, which now holds about $6 million, was enabled under lastMay's budget bill under which targeted 300 different fundspreviously dedicated to single purposes and holding as much as $400million to help fund the state's general operatingexpenses.
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
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A new Citizens Bank survey suggests rising check-fraud incidents are driving middle-market companies to accelerate plans to fully adopt digital payments. But 70% of all businesses will continue to rely on checks for years to come, according to recent data from the Association for Financial Professionals.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
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The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
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The bank will use biometric authentication to streamline checkout in stores starting in 2025. It has already completed internal and external pilots of the technology.
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Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.
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