FAIRFIELD, Calif. - (07/18/05) -- A Vacaville man was charged lastweek with drugging his elderly mother and taking her to her creditunion where she was induced to sign her name to cashiers' checksrepresenting her life savings of more than $100,000 in April andMay. Mark Cox was ordered to stand trial on a felony charge ofelderly abuse. His 72-year-old mother testified in tears last weekhow her son and a man she believed to be a pastor drugged her, thentook her to the Travis CU, where she signed her name to a cashier'scheck, nearly emptying her account. A detective testified that Coxhad already drained more than $80,000 from her mother'saccount.
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Roughly 680 customers were affected, none in the U.S. But the control that failed at Revolut is the legal intake queue every American bank runs.
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The Federal Reserve's top regulator has the early returns from the report she commissioned on the 2023 bank failure and said it supports her call for new reporting practices among Fed supervisors.
September 18 -
The "near-prime" lending fintech Avant is seeking to become a full-service bank by filing for a national de novo bank charter with federal regulators.
September 18 -
The commerce company has made major inroads into embedded finance, a strategy that could get a boost from partnering with the social media giant's new AI agent.
September 18 -
Citadel Credit Union recently closed a $50 million loan on a Philadelphia office tower. It's part of a trend, as credit unions build their commercial real estate lending businesses.
September 18 -
State Street promotes Ann Fogarty to chief operating officer and names Mostapha Tahiri president of State Street Alpha; Florida's Portrait Bank expects to open for business on Saturday; Texas Capital Bancshares is on the lookout for a new chief risk officer following the departure of David Oman; and more in this week's banking news roundup.
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