ROCK ISLAND, Ill. - (02/07/06) -- A local man pleaded guilty Friday tocharged he broke into a mail box then used checks he stole to passcounterfeit checks on area banks and credit unions. Ralph Rileypleaded guilty to 13 counts of bank fraud and one count of stealingU.S. mails and faces up to 30 years in prison when he is sentenced.Riley's scheme was to deposit counterfeit checks in the amount of$3,000, then drain the accounts of $900 before the credit union orbank had a chance to detect the bogus checks, according to the U.S.Attorney's office in Iowa. Riley fashioned the checks so they wouldlike those drawn on legitimate members or customers of theinstitutions. Riley was charged with hitting Deere Harvester CU,I.H. Mississippi Valley CU and four local banks.
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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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