GRAND RAPIDS, Mich. – A member of Lake Michigan CU was arrested yesterday and charged with robbing $1,200 from his own account last week. Police said David Johnson tried to withdraw the funds but was told by a teller he had a payee listed on his account and couldn’t access the account without the payee’s authorization. So Johnson allegedly put his hand in his pocket as if he had a gun and forced the teller to give him the money. Police were late arriving to the scene because the caller identification on the incoming 911 call had the credit union’s corporate address on it, and not the branch where the incident occurred, so they went to the wrong address. Johnson told police he needed the money to feed his addiction to crack cocaine.
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The central bank extended the deadline for comments on Regulation O by one month, to Nov. 4.
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The Brazil-based digital bank, which recently launched a U.S. business, submitted an SEC filing to stop the spread of misinformation.
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The bank-owned payments company has been developing an interoperable payments network that will allow banks to clear and settle tokenized deposit transactions. It's targeting an early 2027 launch for the network, and is working toward an atomic future thanks to bank demand.
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More states are providing funding to community development financial institutions, which are contending with hostility from the Trump administration and challenges from high interest rates.
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Chicago-based Northern Trust has started its search for a new CFO as David Fox plans to retire in March; the American Fintech Council has been appointed as an observer on the Conference of State Bank Supervisors' newly formed nonbank industry advisory; Wells Fargo has hired JPMorganChase investment banker David Harkin to advise on technology deals, and more in this week's banking news roundup.
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A proposal is meant to ensure advisors can trade client assets on a discretionary basis without triggering onerous custody requirements, while also giving them a self-custody option for crypto.
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