NORFOLK, Va. - (01/26/05) -- More than 20 suspects were chargedMonday and Tuesday in connection with a multi-state drug ring thatlaundered as much as $20 million in proceeds through local creditunions and banks. Among the credit unions used to launder proceedsfrom the sale of cocaine, crack and marijuana between 1996 and 2005were: Virginia Educators CU, Newport News, and Connects FCU,Richmond, according to a grand jury indictment that will bereleased Wednesday. Authorities began rounding up and arresting thesuspects Monday in Virginia, Houston, Dallas, Indianapolis,Baltimore, Charlotte and Lexington, Ky. One of the suspects chargedin the indictment, Pamela Hoffler-Riddick, is the assistantsuperintendent for schools in Prince George's County, Md., and aformer administrator for Virginia Beach Schools. She is chargedwith five counts in a 324-count federal indictment accusing her oflaundering thousands of dollars in drug proceeds through a VirginiaEducators CU account in the months following her departure from theNorfolk schools division.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27