PROVIDENCE, R.I. - (01/14/05) -- The state Parole Board Thursdayrevoked the parole of convicted bank embezzler Joseph Mollicone,the central figure in the RISDIC private insurance crisis more thana decade ago. The Board agreed to send Mollicone back to prison fortwo months for violating the terms of his parole, after serving 10years in prison for his role in the collapse of the private insurerknown as Rhode Island Share and Indemnity Corp. Mollicone willremain locked up now until March, and will also have time served onparole since 2002 erased. Molicone served 10 years of his 30-yearprison sentence for embezzling $12 million from Heritage Loan andInvestment Co., triggering the 1991 failure of the thrift'sinsurer, RISDIC, along with almost 30 credit unions also insured byRISDIC.
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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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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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