MILWAUKEE – A daring bandit who gained access to several credit unions and check-cashing businesses by breaking into employees' homes and threatening them or kidnaping loved ones was sentenced yesterday to 41 years in federal prison. Among the robberies committed by Lamar Ray, 28, was the December 2002 heist at Educators CU, when he kidnaped vice president Julie Loyo from her West Milwaukee home at gunpoint and bound her husband and five-year-old daughter. The husband, Hector Loyo was able to contact police by dialing 911 with his tongue, but not before Ray had forced his wife to open the cash vault at the credit union and empty it out. In another robbery, he broke into the house of the manager of Cashland Check Cashing, telling the man his son had been kidnaped and wouldn't be returned until he turned over money from his workplace. The manager turned over the money, then learned his son actually had not been kidnaped.
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A bank-led challenge to the Office of the Comptroller of the Currency's interpretation of the National Bank Act threatens to undermine 21 national trust charters granted in recent years. The Supreme Court's decision to end Chevron deference makes the plaintiffs' argument easier.
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Research shows artificial-intelligence programs bolster bad decisions and reduce diversity of thought, posing risks to banks' culture and governance.
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RIAs that custody less than $100 million with Fidelity have several options to choose from before being forced out of the firm next year. None of them is necessarily easy.
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Federal Deposit Insurance Corp. Chair Travis Hill said Tuesday that regulatory changes to bank supervision and M&A rules are meant to improve safety and soundness rather than water down oversight.
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Attackers suspected of using AI got into Korean banks through side doors. The apparent failures were ordinary cyber hygiene, the kind U.S. regulators keep naming.
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While it isn't a household name in most U.S. wealth management circles, RQD* Clearing just drew a substantial growth investment on the basis of its international clearing business. Can that translate to more stateside RIA relationships?
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