LOS ANGELES - (08/16/05) -- A Nigerian man who pleaded nocontest earlier this year for his role in a fraud ring that stoledata from ChoicePoint Inc., pleaded not guilty last week to sixadditional charges. Olatunji Oluwatosin, 42, pleaded not guilty tocounts of identity theft, conspiracy and grand theft. The Nigeriannational remains the only person charged in the scheme, whichexposed the Social Security numbers, addresses and other personaldata of as many as 145,000 people. The new charges allege thatOluwatosin was part of an international ring that caused as much as$2.5 million in losses to merchants, banks and credit unions. Thestolen data was used to open credit card accounts in victims' namesand make cash advances from ATMs. The Nigerian was arrested lastOctober with five cell phones and three credit cards that belongedto other people.
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The McClean, Virginia-based bank said Tuesday that credit quality remained strong in the third quarter, and that it has approved a plan to buy back $16 billion of common stock.
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At American Banker's Most Powerful Women in Banking Conference in New York City, former Most Powerful Women in Banking honorees said to build skills that you can take with you outside of a big bank, and that banks should reward risk-taking and building over incremental change.
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Bank of America has a playbook for government shutdowns, which includes providing fee and payment waivers as well as loan deferrals and forbearance programs, CEO Brian Moynihan said at the American Bankers Association's annual convention.
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New guidance outlines specific due diligence and oversight steps banks must take, reinforcing that they are ultimately accountable for vendor failures.
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Federal Reserve Gov. Christopher Waller has directed central bank staff to explore the concept of a limited payment account, which would give nonbank entities in the payments space — including crypto firms — access to traditional payment systems.
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Senate Banking Committee Republicans, led by committee chair Tim Scott, R-S.C., introduced a bill that would raise the mandatory reporting threshold for certain currency transactions, a move meant to ease banks' anti-money laundering compliance obligations.
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