TORONTO – The costly and time-consuming process of matching potential member names with potential terrorists under the USA PATRIOT Act paid off for Sunmark FCU. The Schenectady, N.Y., credit union normally runs the names of potential members and money transfers through the federal government’s OFAC list—Office of Foreign Asset Control—to determine whether the individual is on any compilation of terrorists or banned entities, according to Bruce Beaudette, president of the $430-million institution. The costly procedure—Sunmark pays $2,000 a year to use the Bridger Insight software—paid off when one applicant was found to be an alleged member of the Taliban, with which the U.S. and other countries are at war in Afghanistan. But not just any member—the applicant was allegedly the Taliban’s official photographer, Beautette recalled during Thursday's break-out session at NAFCU’s annual convention. Credit union officials subsequently discovered the alleged Taliban photographer’s girlfriend worked also at one of the credit union's branches as a teller. The teller is no longer with the credit union.
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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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