TULSA, Okla. – A former assistant manager of the Mayes County FCU in Pryor pleaded guilty last week to embezzling more than $1.6 million from the $28 million credit union.
Cynthia Harris admitted making phony deposits into existing accounts at the credit union then using checks to withdraw the money.
She is scheduled to be sentenced in February.
A forthcoming rule from Treasury's Financial Crimes Enforcement Network will spell out banks' obligations to identify the true identities and beneficial ownership of its clients, even as the administration eliminated most U.S. beneficial ownership reporting.
Roughly 680 customers were affected, none in the U.S. But the control that failed at Revolut is the legal intake queue every American bank runs.
The Federal Reserve's top regulator has the early returns from the report she commissioned on the 2023 bank failure and said it supports her call for new reporting practices among Fed supervisors.
The "near-prime" lending fintech Avant is seeking to become a full-service bank by filing for a national de novo bank charter with federal regulators.
The commerce company has made major inroads into embedded finance, a strategy that could get a boost from partnering with the social media giant's new AI agent.
Citadel Credit Union recently closed a $50 million loan on a Philadelphia office tower. It's part of a trend, as credit unions build their commercial real estate lending businesses.
