HICKORY, N.C. - (08/23/04) -- A unprecedented last-minute handfrom credit unions was not enough of a push for Sheriff DavidHuffman, who lost last week's Republican primary run-off to StateRep. Patrick McHenry by a mere 86 votes. Huffman, who immediatelyasked for a recount, was the recipient of a last-minute $50,000radio ad campaign by CUNA and the North Carolina CU League, as wellas a $5,000 CUNA PAC check, heading into last week's run-off. Thepreliminary vote count found Huffman, a long-time member of theadvisory board for North Carolina Local Government Employees FCU,with 49% of the vote, after leading the pack in the July 20 GOPprimary with 35%, to McHenry's 26%. However, McHenry was able todemand a run-off because neither candidate received 40% of the votein the primary. The $50,000 radio buy was only the third time CUNAand its state leagues have made so-called independent expenditureson behalf of a favored candidate, and the first time in aprimary.
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Five major U.S. banks are engaging in costly litigation rather than reimburse fraud claims of a 72-year-old dementia patient who lost $337,000 in a romance scam. The victim's lawyer says banks are not abiding by the consumer protection process.
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Federal Reserve Vice Chair for Supervision Michelle Bowman played down the significance of Kraken Financial receiving a master account, saying the central bank is treating it as a pilot program.
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Glen Herrick, a veteran bank director, penned a resignation letter criticizing the West Virginia company's executive-compensation policies and what he described as a failure to focus on core profitability.
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With an application for a U.S. bank charter, the global super app provider aims to expand its offerings and compete with established domestic challengers.
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Panelists at a JPMorganChase webinar said oil shipping security is shaky, creating risk of a new wave of inflation that would impact energy finance. Other analysts said the war will create pressure for some parts of the payments industry.
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The bank exited the $1.95-trillion asset cap last year, but it had remained subject to the rest of the eight-year-old order.
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