EAST CHICAGO – Prosecutors brought new theft charges against a former teller at Advance Financial CU after the woman rejected a plea deal that would have saved her jail time. The deal would have sentenced Kathryn Bernacet, 41, charged with stealing $25,000 from the credit union, to a year of probation and $10,000 restitution. After rejection of the offer, prosecutors charged Bernacet with stealing $1,200 in 2003 from Fifth Third Bank, where she formerly worked.
The central bank extended the deadline for comments on Regulation O by one month, to Nov. 4.
The Brazil-based digital bank, which recently launched a U.S. business, submitted an SEC filing to stop the spread of misinformation.
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.
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.
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.
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.
