By Christian Mullins
Executive Summary:
Several lawmakers have introduced bills that, if approved, would reshape the credit card industry. The Federal Reserve will also propose regulatory changes later this spring, with final implementation by years end. Retroactively increasing interest rates, excessive fees, universal default, and double-cycle billing have all come under scrutiny in recent years and will be the target of the legislation.
Kentucky Employees CU, a $44 million asset financial in Frankfurt, Kentucky, has informed Frankfurt police that $151,000 has been unlawfully taken from their credit union. The funds have been missing since approximately September 2006. Officers are currently inspecting records dating to that time and before, but cannot comment on an ongoing investigation.
Robbed:
- GHS FCU, Greenville, North Carolina. Thieves using a Bobcat or similar equipment ripped an ATM from its foundation early Thursday morning. The incident, the second ATM robbery of its type in several weeks, was caught by surveillance cameras.
Arrested, Arraigned, Charged, or Sentenced:
- Janet Keys, a former auditor at Mississippi Public Employees CU, has been arrested in Jackson, Mississippi for allegedly embezzling $72,000 from May 2004 until May 2006, using the money to pay creditors.
- Stephen Cuthbertson received a nine year prison sentence Thursday for the robbery of eight financial institutions, including Alabama CU in Tuscaloosa, Alabama in 2007. The robberies occurred in four states.
