BAY CITY, Mich. - (12/13/04) -- A suspect in last month's robbery atCopoco CU implicated himself when he wrote a note demanding cash onthe back of a court document with his name on it, then dropped theincriminating evidence, along with some of the ill-gotten cash ashe fled the credit union. The crumpled-up hold-up note wasdiscovered by the postman walking his route across the next dayacross from the credit union. As a result, police arrested MichaelPascuzzo, 33, and charged him with bank robbery. The note said,'Put all the money in the bag. No die (sic) bombs! I don't want youto even look at me. Now wait to hit your alarm until I leave.' Themessage was written on the back of a notice from the Saginaw CountyCircuit Court for overdue fines for expired license plates. Asearch of Pascuzzo's apartment turned up about $130 of the $4,800stolen from the credit union.
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Threat group ShinyHunters claimed responsibility for the attack, which reportedly targeted third-party platforms rather than Betterment's own systems.
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Artificial intelligence developments are stoking investor fears about software companies. Banks' limited exposure to the sector and general stability is proving attractive to investors.
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Prosperity Bancshares finalizes the second of three acquisitions it's announced since July; Sumitomo Mitsui Banking Corporation appoints a new chief information security officer for its American operations; Huntington Bancshares, Third Coast Bancshares and Heritage Financial completed acquisitions; and more in this week's banking news roundup.
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Fintech and crypto groups said in comment letters to the Federal Reserve that the proposed "skinny" master account is too limited and could keep firms dependent on banks. Banking groups asked for more time to comment.
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Federal Reserve Vice Chair Philip Jefferson said in a speech Friday that long-term productivity gains brought on by artificial intelligence could compel the central bank to maintain higher rates to keep prices stable.
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While the e-commerce giant has deemphasized the technology, banks and payment firms are testing the biometric option.
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