TOLEDO, Ohio – Five members in a local crime gang believed responsible for as many as six credit union heists were charged with racketeering and robbery in criminal indictments unsealed in state court here yesterday. The gang was charged with armed robberies at Jeep FCU and Standard FCU, and are believed responsible for another hold-up at Jeep FCU, robberies at Toledo Public Schools FCU, Champion FCU, and an attempted robbery at Toledo Police FCU, between 1998 and 2001, which netted them about $910,000, authorities said. The suspects were charged with RICO because they engaged in a pattern of corrupt activities, according to Chris Anderson, assistant prosecutor for the Lucas County District Attorney’s office. “This allows us get around the statute of limitations,” Anderson told The Credit Union Journal yesterday. In each of the robberies the suspects were heavily armed with semi-automatic handguns, said Anderson. The suspects were indicted by a grand jury on January 26, but the indictments were sealed to give police a chance to round them up, he said. The suspects were identified as: John Jackson, 33, William Wren, 30, Milo Terry, 33, James Wyley, 37, and Christopher Hicks, age unknown.
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The central bank extended the deadline for comments on Regulation O by one month, to Nov. 4.
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The Brazil-based digital bank, which recently launched a U.S. business, submitted an SEC filing to stop the spread of misinformation.
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The bank-owned payments company has been developing an interoperable payments network that will allow banks to clear and settle tokenized deposit transactions. It's targeting an early 2027 launch for the network, and is working toward an atomic future thanks to bank demand.
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More states are providing funding to community development financial institutions, which are contending with hostility from the Trump administration and challenges from high interest rates.
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Chicago-based Northern Trust has started its search for a new CFO as David Fox plans to retire in March; the American Fintech Council has been appointed as an observer on the Conference of State Bank Supervisors' newly formed nonbank industry advisory; Wells Fargo has hired JPMorganChase investment banker David Harkin to advise on technology deals, and more in this week's banking news roundup.
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A proposal is meant to ensure advisors can trade client assets on a discretionary basis without triggering onerous custody requirements, while also giving them a self-custody option for crypto.
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