LANSING, Mich. -- Nine students at MSU FCU pleaded guilty Tuesday to misdemeanor charges in connection with a scheme allowing accomplices to use their ATM cards they had reported stolen. The defendants also testified that they or a third party used their account information to overdraw cash from the accounts. The students testified they either sold or gave their account information to accomplices in exchange for money deposited in their accounts. The accomplices then deposited bad or stolen checks in the accounts and withdrew funds before the credit union realized the checks were no good. Under plea bargains, the students agreed to pay restitution varying between $1,000 and $3,000 each. More than $57,000 was stolen from the credit union in the mid-March scam.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
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At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
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Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
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Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
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