The FBI raided a house here two weeks ago and arrested two more Romania immigrants in connection with an international credit/debit card skimming scheme. Six other Romanian nationals were also arrested in New York and New Jersey in connection with the ring and were being transported to Las Vegas to answer charges, according to the U.S. Attorney's office. The Romanian gang apparently used skimmers attached to the point-of-sale to steal card information and PINs, then manufactured as many as 600 counterfeit cards each day to withdraw cash or make purchases, according to the FBI. The ring used the phony cards to withdraw cash at casinos in Las Vegas and Atlantic City and in northern California, according to a criminal complaint obtained by The Credit Union Journal.
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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.
April 24 -
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.
April 24 -
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.
April 24 -
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.
April 24 -
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.
April 24 -
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.
April 24