EASTON, Pa. - (07/22/05) -- A former branch manager at Nor-CarFCU was charged Wednesday with a decade-long $1.5 million kitingscheme that bankrupted the $40 million credit union two years ago.Betty Jean Barachie, who managed the credit union's Lehightonbranch, has admitted stealing the money, but NCUA and otherauthorities are still trying to fill a much larger million gap inthe credit union's accounts. Barachie allegedly embezzled $870,000through a sophisticated check-kiting scheme between 1992 and 2000.She tried to cover her tracks in December 2000 when she transferred$870,000 from an account at Mid-Atlantic Corporate FCU to her ownaccount. Between June 2001 and April 203, Barachie allegedlytransferred another $653,663 from Nor-Car's corporate account toher own account. NCUA took over 68-year-old credit union inNovember 2003 and closed it down in October 2004, selling itsassets to First Commonwealth FCU.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3 -
The Federal Reserve has banned a Wyoming bank employee from the banking industry for embezzling more than $30,000 from a charity.
July 3