A member of Meriwest Credit Union has filed in state court here claiming MCU and a local auto dealer violated her rights when it repossessed her car and sold it at auction for a fraction of the fair market value. In her suit, Madelin Fleitas said she borrowed $18,400 in November 2001 from the CU to buy a 1997 Volkswagen Cabrio from the local Nissan dealer, but ceased making payments after a year and asked MCU to take it. Meriwest then sold the vehicle for $4,000, less than half its wholesale value, at a private auction, then served Fleitas with a deficiency judgment of $13,200. California law requires that repossessed property must be disposed of in a commercially reasonable way, with the proceeds from the sale applied to the outstanding balance on any debt on the property.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
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The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
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The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
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Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
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Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
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The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
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