GREEN BAY, Wis. - (04/11/06) -- Alert tellers at several area creditunions are being credited with helping to crack a counterfeit checkring. Six suspects are scheduled to be charged this week withcashing at least $20,000 of counterfeit payroll checks on two localbusinesses on several area credit unions. The suspects openedmembership accounts at the credit unions with minimum deposits,then cashed the phony checks at various branches of those creditunions. Two tellers at Pioneer CU became suspicious of the checksand contacted police. Another teller at Horizon CU tracked down thecheck origins, then called police, who told her to stall thesuspects until they got there. Police arrived in time to arrestthree of the suspects in the parking lot. At least four of thesuspects were doomed, anyway, said police, because they signedtheir real names on the counterfeit checks and would have beentracked down eventually.
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Lake Shore Bancorp in Western New York has reached a "standstill agreement" with the Stilwell Group, which has promised not to force a merger or sale in the next three years.
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Swiss banking giant UBS Group received federal approval from the Office of the Comptroller of the Currency to convert its $1.6 trillion-asset UBS Bank USA from a Utah-chartered industrial bank to a national charter.
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Early industry reaction to the Federal Reserve's Basel III proposals points to potential capital relief for banks, though stakeholders say the complexity of the changes makes their overall impact unclear.
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Financial institutions that delay or fail to take this leap risk losing customers and revenue, said speakers at the inaugural On-Chain Executive Summit.
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CISA and Microsoft urge organizations to secure endpoint management systems as threat actors increasingly seek to disrupt operations with wiper malware.
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Piermont Bank hired Dennis Day for a new executive role focused on payments; the American Bankers Association announced the global expansion of its widely used Fraud Contact Directory; MC Bankshares moved one step closer to finalizing its sale to an investor group; and more in this week's banking news roundup.
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