Former Indiana credit union CEO sentenced to prison for bank fraud
He was accused of falsifying two loan applications to secure hundreds of thousands of dollars from the credit union for his own personal use.
Banking & Finance
-
Sunsetting soon: Attorneys seeing high interest in estate tax provision as December 2025 end date nears
For some estate law attorneys who handle planning for wealthier clients, Dec. 31, 2025, is circled on their calendars.
Read More -
‘Cautiously optimistic’: Attorneys say inflation causing banks, clients to ‘sharpen pencils,’ but projects, investments moving ahead
Between interest rates, labor shortages, supply chain issues, the ongoing war in Ukraine and the aftereffects of COVID-19, debtors and creditors are facing some uncertainties, attorneys say.
Read More
Articles
$2M Geist home at heart of Drive Planning legal battle
Nearly a year after a federal judge placed Georgia-based financial firm Drive Planning LLC into receivership, the court-appointed receiver is still wrestling to gain control of the $2 million Geist mansion where the now-defunct firm’s managing partner lives.
Former Indiana credit union CEO charged with bank fraud
The former CEO of Richmond City Employees Federal Credit Union is accused of falsifying loan applications to secure hundreds of thousands of dollars from the credit union for his own personal use.
Regulatory panel denies Stifel’s claim against Indy competitor
A financial industry arbitration panel has ordered Stifel, Nicolaus & Co. Inc. to pay $7 million in attorney’s fees to a group of former Stifel advisers in Indianapolis.
Treasury warns that anti-woke banking laws like Florida’s are a national security risk
The Treasury Department is warning that state laws that restrict banks from considering environmental, social and governance factors could harm efforts to address money laundering and terrorism financing.
Fifth Third Bank to pay $5M to settle auto insurance allegations
Fifth Third Bank has agreed to pay millions to settle allegations that it forced auto loan customers into duplicative car insurance policies that made their monthly payments more expensive, leading in some cases to repossessions of vehicles from customers who could not afford to pay.
Judge rejects $30 billion Visa, Mastercard swipe-fee settlement
The decision jeopardizes an agreement reached in March that was meant to end two decades of litigation related to the fees card companies charge retailers on each purchase a customer makes.
Shutdown of financial middleman Synapse freezes thousands of Americans’ deposits
The bank accounts of tens of thousands of U.S. businesses and consumers have been frozen in the aftermath of the abrupt shutdown and bankruptcy of financial technology company Synapse, which acts as a middleman between financial technology companies and banks.
FDIC Chair Martin Gruenberg says he will resign after hostile workplace claims
Martin Gruenberg, chair of the Federal Deposit Insurance Corp., announced Monday that he would resign once President Biden appoints and the Senate confirms a successor to lead the banking regulator, after a searing report said Gruenberg led a hostile workplace at the agency.
IRS claws back money given to businesses under fraud-ridden COVID-era tax credit program
The IRS said it received $225 million from a voluntary disclosure program, which ended on March 22, that let small businesses that thought they received the credit in error give back the money and keep 20%. That money came from more than 500 taxpayers with another 800 submissions still being processed.
Old National places CFO on leave following criminal charges
Evansville-based Old National Bank disclosed Monday that it has placed its chief financial officer, Brendon Falconer, on leave. Falconer was charged last week with two counts of felony child molestation.
IN Supreme Court: Credit union member’s silence on proposed agreement addendum did not constitute acceptance
A woman who filed a class-action complaint against a credit union didn’t accept an addendum to an agreement that would have forced arbitration, a split Indiana Supreme Court has ruled in reversing a trial court’s decision.
Indiana Supreme Court reverses, remands motion in improper fee lawsuit
The Indiana Supreme Court reversed and remanded a trial court’s motion to compel arbitration in a banking lawsuit involving improper overdraft fees.
Yellen to tell Congress US banking system ‘remains sound’
A week after the second-largest bank collapse in U.S. history, Treasury Secretary Janet Yellen is set to tell the Senate Finance Committee that the nation’s banking system “remains sound” and Americans “can feel confident” about their deposits.
U.S. government moves to stop potential banking crisis
The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down.
Stifel sues rival financial firm over mass exodus from Indianapolis office
St. Louis-based Stifel, Nicolaus & Co. Inc is suing a newly formed Indianapolis firm, Sapient Capital LLC, following what Stifel describes as Sapient’s “orchestrated raid” of Stifel’s 96th Street office.
Vladimirova: Policies on ESG issues create tensions for financial institutions
Companies both large and small continue to grapple with how ESG issues affect their risk management, strategic investments and external reporting.
Jurkiewicz: Deposit account security interest can overcome garnishment
As long as the bank takes appropriate steps in response to the garnishment paperwork, the bank’s perfected security interest in the deposit account will defeat any interest asserted by the judgment creditor.
Notre Dame Law dean, Chapter 13 Trustee among bankruptcy fellows
Notre Dame Law School Dean Marcus Cole and John Hauber, Chapter 13 Trustee for the Indiana Southern District, will be among the 39 new fellows inducted into the American College of Bankruptcy in March 2023.
Wells Fargo to pay $3.7B over consumer loan violations
Wells Fargo agreed to pay $3.7 billion to settle a laundry list of charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.