PLYMOUTH - (10/28/05) -- A Detroit businessman was chargedthis week in a six-count federal indictment with using his accountsat Community FCU to help perpetrate a million-dollar fraud on aNASCAR racing team and several local companies. Franklin Ray, whoran Marlin Transport and MNR Productions, was charged with asophisticated check kiting scheme using his credit union account.The indictment charges Ray deposited phony checks at the creditunion, then convinced tellers to honor the bogus paper, accordingto a court records obtained by The Credit Union Journal. Ray isalso accused of posing as an agent for NASCAR and several countrymusic performers in 2002, agreeing to co-sponsor NASCAR races andto schedule music concerts for certain races. The indictment claimsRay used invalid credit cards to finance lavish spending, such ascharter flights, in order to convince the owner of a NASCAR raceteam of his credibility
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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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.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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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.
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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.
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