Michigan State Banks & Banking

Tompor: 2 big Michigan credit unions hit with lawsuits regarding overdraft policies

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Tompor: 2 big Michigan credit unions hit with lawsuits regarding overdraft policies


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Ex-credit union CEO accused of embezzling more than $700K

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Ex-credit union CEO accused of embezzling more than $700K


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Man gets up to 20 years for embezzling from Clarkston credit union

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Man gets up to 20 years for embezzling from Clarkston credit union


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Wayne Co. offers aid to homeowners behind on taxes

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Wayne Co. offers aid to homeowners behind on taxes


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New Center housing development banking on QLine

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New Center housing development banking on QLine


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City plans to sue banks, companies for unpaid taxes

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City plans to sue banks, companies for unpaid taxes


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Police: Woman robs Dearborn credit union with note

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Police: Woman robs Dearborn credit union with note


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Home / Michigan / Business / Finance / Financial Institutions / Banking Institutions
Tompor: 2 big Michigan credit unions hit with lawsuits regarding overdraft policies
Buy Photo. "Attention: Credit Union Members," state the bold red letters in a newspaper ad. "Has your credit union assessed multiple overdraft charges when you believed you had a sufficient balance?" The ad by the Michael B. Serling law firm seeks victims of "multiple overdraft charges" much like the Birmingham firm advertises to help victims of mesothelioma and lung cancer caused by asbestos exposure   Read More ...
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Detroit mail carrier arrested for depositing customers' checks into her bank account
DETROIT - A Detroit mail carrier was arrested Wednesday after she stole customers' checks and deposited thousands of dollars into her personal account, officials said. Brianna Renee Readous is a letter carrier for the United States Postal Service's North End Post Office in Detroit. According to police, in March, Readous deposited four separate checks from customers into her personal account. On March 21, Readous is accused of depositing a check for $400 from a customer on her route   Read More ...
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Banks loan less to Detroit businesses in neighborhoods with more minorities
A study looking at business loans in metro Detroit confirmed the adage that banks lend money to people who don't need it. It also found a pattern of lending that could be a result of discrimination. The 42-page report, released today by the Woodstock Institute in Chicago, found wide disparities in lending in Detroit and nationwide when considering income and race   Read More ...
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Report: Pistons adding Flagstar ad to jerseys
The Detroit Pistons appear to have a new corporate sponsor. According to a report by ESPN sports business writer Darren Rovell, the Pistons have signed an agreement with Flagstar Bank to sponsor the ad space on their jerseys this season. Terms of the deal were not disclosed. The Pistons have scheduled a press conference at 1 p.m. today to make the announcement   Read More ...
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Former Detroiter hired to lead city’s land bank
The board of directors of the Detroit Land Bank Authority has hired a new executive director, a former Detroiter named Saskia Thompson, the organization announced Monday. Thompson was hired “after a national search,” according to a statement from the land bank. In Philadelphia, Thompson had served as deputy finance director since 2011, and sat on the city’s planning commission, in addition to serving as executive director of Philly’s Office of Property Data   Read More ...
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Credit union settles lawsuit over car repossessions
Bay City — The federal government and a Michigan credit union have settled a lawsuit over the repossession of cars belonging to members of U.S. armed forces. COPOCO Community Credit Union in Bay City has agreed to pay $10,000 to three people and $7,500 to a fourth person. Some money can be withheld for overdue payments before the repossessions. Federal law protects service members while they’re on duty   Read More ...
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Comerica to invest up to $5M in Detroit home mortgage program
Comerica Bank plans to invest up to $5 million in Detroit Home Mortgage — a program that's designed to cover the "appraisal gap" that hurts home sales in the city. Detroit Home Mortgage, which is managed by the Community Reinvestment Fund, already has had the commitment from Huntington Bank and other banks. But it has had limited success, in part, because some bankers say it's a very complicated program for first-time buyers who want to live in the city   Read More ...
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BRIEF-Comerica Bank to invest up to $5 mln in Detroit home mortgage managed by Community Reinvestment Fund
* Comerica bank says will invest up to $5 million in detroit home mortgage which is managed by community reinvestment fund, usa Source text for Eikon: Further company coverage: * Activist investor Nelson Peltz files for seat on P&G'S board - CNBC, citing source Source text: http://cnb.cx/2rE5W3v. June 16 Wal-Mart Stores Inc said on Friday it would buy online men's fashion retailer Bonobos Inc for $310 million, in its fourth e-commerce deal in under a year, as it seeks to bridge the gap with e-commerce leader Amazon   Read More ...
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Ex-credit union CEO accused of embezzling more than $700K
SAGINAW, Mich. — Authorities say a former chief executive of a Michigan credit union has been charged with stealing more than $710,000 from the financial institution. Attorney General Bill Schuette announced today that 45-year-old Stanley Hayes of Saginaw faces 13 felony charges, including conducting a criminal enterprise, multiple counts of embezzlement and charge of using a computer to commit a crime   Read More ...
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Detroit revival spurs JPMorgan to make fresh US$50 million pledge
NEW YORK/WASHINGTON: JPMorgan Chase & Co is investing another US$50 million in Detroit amid what city officials and bank executives describe as encouraging signs for urban renewal through public-private partnerships. JPMorgan's latest investment, which it plans to announce on Wednesday, comes on top of a US$100 million, five-year commitment the largest U.S. bank made to Detroit in 2014. At the time, the city was bankrupt due to the near-collapse of the U   Read More ...
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Guaranty Bank, also known as BestBank, shuts down
DETROIT - Guaranty Bank, also known in Michigan and Georgia as BestBank, has been shut down by federal regulators, officials said Friday. First-Citizens Bank & Trust Company, of Raleigh, North Carolina, assumed all the deposits of Guaranty Bank, which is headquartered in Wisconsin. Guaranty Bank was closed by the Office of the Comptroller of the Currency. It also had branches in Illinois, Minnesota and Wisconsin   Read More ...
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Man gets up to 20 years for embezzling from Clarkston credit union
A Tyrone Township businessman was sentenced to seven years to 20 years in prison for embezzling from an Oakland County credit union. Michael Anthony LaJoice offered no statement Monday prior to learning his sentence on 13 counts of embezzling more than $100,000 and one count of embezzling from a financial institution for stealing more than $18 million from Clarkston Brandon Community Credit Union   Read More ...
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Wayne Co. offers aid to homeowners behind on taxes
Buy Photo. Some Wayne County homeowners who are behind on their property taxes are getting help to hang on to their homes. County Treasurer Eric Sabree announced Monday a program that reduces the interest rates on delinquent property taxes has been extended through June 2019. "This is a great opportunity for people to reduce interest rates saving money and saving their homes,” Sabree said   Read More ...
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Detroit Land Bank side lot sales
Detroit Land Bank Authority side lot sales fair at Heilemann Recreation Center on Saturday, April 8, 2017. The "one stop shop' setup allows residents to purchase the vacant lot next to their homes for just $100.   Read More ...
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Detroit's land bank must right ship
Buy Photo. Where there's smoke, metaphorically speaking, there may not always be fire. But a steady stream of reports about the Detroit Land Bank Authority's operations serve as a reminder that an abundance of smoke can be a problem all by itself. The latest is a report from Detroit Auditor General Mark Lockridge, issued last month, that Detroit Land Bank board chair Erica Gerson blasted Monday as unfair and unprofessional   Read More ...
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Detroit Land Bank slams critical audit report
Buy Photo. The Detroit Land Bank Authority today questioned the professional conduct of the city's auditor general, nearly two weeks after he released a report critical of the city's demolition program. Detroit Auditor General Mark Lockridge's office violated auditing standards by issuing the report without first sharing it with Land Bank officials, Land Bank board chairwoman Erica Ward Gerson wrote in a 16-page letter to Lockridge today   Read More ...
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Feds: Lock up Clarkston credit union thief for 11 years
Detroit — A former credit union executive who embezzled $18.6 million is a greedy, calculating thief who should spend 11 years in federal prison, prosecutors said. U.S. District Judge Gershwin Drain will consider the request Thursday during a 3 p.m. sentencing of Michael LaJoice, 38, in federal court in Detroit. The sentencing will help cap a criminal ordeal that clashed with LaJoice’s public image of a charitable civic leader who tried to improve the fortunes of Fenton, a small town near Flint   Read More ...
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Feds seek 11-year prison term for credit union officer
Clarkston — Prosecutors are recommending an 11-year prison sentence for a man who embezzled nearly $19 million from a credit union in suburban Detroit. Michael LaJoice, who was chief financial officer at Clarkston Brandon Community Credit Union, is returning to court Tuesday. He ripped off the credit union over a dozen years, buying a luxurious home and fancy cars and traveling by private jet   Read More ...
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With Finie, Apple’s Siri could transform banking
Imagine if you could use Siri to request a detailed breakdown of your bank accounts, or find and pay for financial products using Apple Pay. It’s possible A solution that does this was demonstrated at the Digital Money Forum at CES this year, when University of Michigan professor and Clinc CEO, Jason Mars discussed Finie. The software is a voice-activated financial assistant based on Clinc’s own proprietary AI. The cloud-based   Read More ...
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Macomb County Sheriff's Office releases photos of suspect using stolen credit cards
WASHINGTON TOWNSHIP, Mich. - The Macomb County Sheriff’s Office is asking for help identifying a man suspected of using a stolen debit card last week at a TCF bank in Washington Township. The man can be seen using the stolen card on Nov. 30 at an ATM at the TCF bank on 26 Mile Road in surveillance pictures released by the Sheriff’s Office. Anyone with information about this individual is   Read More ...
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Credit union exec accused of embezzling $19M in court
Detroit — A credit union executive charged with federal bank fraud after he confessed to embezzling nearly $19 million is expected in court on Thursday to discuss a proposed plea deal with the government. Michael A. LaJoice, 37, of Tyrone Township faces federal and state charges in connection with money he allegedly embezzlement over 12 years while he served as the chief financial officer of the Clarkston Brandon Community Credit   Read More ...
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How Detroit Land Bank billing scheme netted $824K from state of Michigan
Buy Photo. One month before the Detroit Land Bank Authority released an audit detailing an improper billing scheme involving some demolition contractors, Timothy Drakeford signed an affidavit saying he was directed by Aradondo Haskins, a former Detroit Building Authority employee, to adjust his demolition prices. The Free Press obtained the affidavit and related e-mails Tuesday through a Freedom of Information Act request. The records shed new light on aspects   Read More ...
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Detroit's 'Hardcore Pawn' holds financial literacy seminar for 'real people'
Cash-strapped consumers often turn to alternative lending, such as pawn shops, which can dig a deeper hole. Some other strategies -- such as low-cost mobile banking -- can help people manage money. Buy Photo. Story Highlights Roughly 7% of U.S. households do not have any type of bank account. Some mobile banking options are opening up for under-served consumers. Paying bills on time is key to building a better   Read More ...
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Bank places 100 'lucky pennies' in 10 cities worth $1,000 each
DETROIT • Stopping to pick up a stray penny off the ground may not seem worth the effort, yet one bank is trying to change that mindset by placing 100 fake pennies across the country worth $1,000 apiece. Ally Bank says it is hoping to encourage Americans to look for opportunities to save through its "Lucky Penny" promotion, which launched this week. The lucky pennies carry a copper color like   Read More ...
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Bank places 100 ‘lucky pennies’ across US worth $1,000 each
DETROIT (AP) — Stopping to pick up a stray penny off the ground may not seem worth the effort, yet one bank is trying to change that mindset by placing 100 fake pennies across the country worth $1,000 apiece. Ally Bank says it is hoping to encourage Americans to look for opportunities to save through its “Lucky Penny” promotion, which launched this week. The lucky pennies carry a copper color   Read More ...
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Comerica set to close 16 bank branches in Michigan
Comerica said Tuesday that it has found other cost-savings ahead including a new retirement program to replace the current pension plan and retirement account plan for most employees as of Jan. 1. As part of an aggressive plan to cut costs, Comerica said Tuesday it plans to consolidate a dozen banking centers in Michigan next year and announced in an earnings conference call that it would save $42 million with   Read More ...
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MSU credit union CEO wins Free Press Top Workplaces Leadership Award
Michigan State University Federal Credit Union bills itself as the world’s largest university-based credit union. CEO April Clobes. received high marks by employees for her leadership. Story Highlights MSU Federal Credit Union is the third largest credit union in Michigan. A second building is under construction at near the headquarters and will open in August 2017. EAST LANSING — April Clobes has what looks like an old rented VCR   Read More ...
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Wells Fargo’s new leader leaves analysts unsatisfied
Tim Sloan had a rocky Wall Street debut as Wells Fargo & Co.’s chief executive officer, announcing a drop in profit and frustrating analysts hungry for information on the consumer banking scandal that prompted his appointment. The scene on Friday, as the San Francisco-based bank posted third-quarter results, left the company’s stock among the worst performers in the KBW Bank Index of 24 big U.S. firms. It was another sign   Read More ...
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New Center housing development banking on QLine
Detroit — Investors behind a $53 million apartment complex planned for Detroit’s New Center are banking on the future Qline streetcar to make the housing development a solid bet. “This is the beginning of a new era in New Center and I’m honored to be part of it,” said principal of The Platform development group. aims to create hundreds of new housing units near the 3.3-mile , recently renamed the   Read More ...
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Stocks climb, treasuries fall on Deutsche Bank penalty
Risk appetite returned to global markets on speculation Deutsche Bank AG will pay less than half of a penalty sought by the U.S., sparking a rally in stocks and sending Treasuries tumbling. Equities extended their longest monthly advance since June 2014 and the Dow Jones Industrial Average climbed more than 160 points as a financial companies surged. The euro erased losses, while Treasuries fell with gold amid lower demand for   Read More ...
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Yellen likely to face questions about Wells Fargo
Washington — Federal Reserve Chair Janet Yellen, who has been in the hot seat over the central bank’s interest-rate policy, now has another headache: Wells Fargo. Yellen is likely to face sharp questions from a House committee Wednesday over whether federal banking regulators fell down on the job by not detecting practices at Wells Fargo that allegedly had the nation’s second largest bank opening millions of accounts without customers’ permission.   Read More ...
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Wells Fargo executives to forfeit millions over scandal
Washington — Wells Fargo says CEO John Stumpf and the executive who ran the bank’s retail banking division will forfeit tens of millions of dollars in pay as the bank tries to stem a scandal over its sales practices. The independent directors at the nation’s second-largest bank said Tuesday that Stumpf will forfeit $41 million in stock awards, while former retail banking executive Carrie Tolstedt will forfeit $19 million of   Read More ...
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Credit cards: 5 surprising facts you may not know
The more you know about credit cards, the less they can cost you. Many millions of Americans are walking around with credit cards in our wallets and purses, but most of us don't really know all that much about them. Yes, they make spending money easy, but they can also help us dig deep holes of debt. The more you learn about the world of credit cards, the better decisions   Read More ...
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Police search for individuals using stolen credit cards in Redford Township
REDFORD TOWNSHIP, Mich. - Police are looking for the public’s help in identifying two people using stolen credit cards in Redford Township. The Redford Township Police released photos of two individuals using stolen credit cards to purchase pre-paid debit cards and other items at CVS stores in the area, according to police. No other information was made available. Anyone with information is asked to contact Detective Hand at 313-387-2578. Copyright   Read More ...
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Finding the right credit cards
Many frequent fliers are buzzing about the latest travel rewards credit card — one that comes with a hefty $450 annual fee but offers a juicy 100,000 point bonus at sign-up. Rewards cards lure us in with dreams of a free trip to some warm tropical beach. You’re going to spend money — why not get a vacation out of it. The truth is, these cards make sense only for   Read More ...
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With heat on banks, could changes be coming to Comerica and Fifth Third?
So far, Comerica has sent layoff notices to about 450 employees – nearly half of them in managerial roles – as part of its major cost-cutting initiative. Story Highlights Comerica has said it will consolidate four locations in Michigan, as part of streamlining. Outspoken analyst has targeted Comerica and called for big changes, including selling the bank. Fifth Third Bancorp has announced continued consolidation plans. Brutal attacks on bankers   Read More ...
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Wells Fargo CEO to apologize for betraying trust
Washington — The CEO of Wells Fargo plans to apologize before a congressional panel for betraying customers’ trust in a scandal over allegations that employees opened millions of unauthorized accounts, moved money into them and signed customers up for online banking in order to meet sales targets. In prepared testimony obtained by The Associated Press, Chief Executive John Stumpf says he is “deeply sorry” the bank failed to meet its   Read More ...
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Flagstar Bank to invest $10M to boost Pontiac projects
The bank says the money includes $5 million for Flagstar’s Pontiac home mortgage initiative, including customized home loans for Pontiac residents and veterans, as well as $2.5 million to support small businesses, startups and economic growth. As part of the investment, the Troy-based bank says there’s $1.5 million for the previously announced naming rights to the Flagstar Strand Theatre for the Performing Arts and related efforts, and $1 million for   Read More ...
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Flagstar Bank to invest $10M to boost development in Pontiac
PONTIAC, Mich. - Flagstar Bank plans to invest $10 million over five years to boost development in Pontiac. The bank says that the money includes $5 million for Flagstar's Pontiac home mortgage initiative, including customized home loans for Pontiac residents and veterans, as well as $2.5 million to support small businesses, startups and economic growth. As part of the investment, the Troy-based bank says there's $1.5 million for the previously   Read More ...
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Credit cards’ confusing fine print
Go ahead and admit it: You don’t read your credit card agreements. You probably can’t even remember the last time you picked your way through the entirety of one of those single-spaced, dripping-with-legalese contracts. Don’t sweat it. You’re not alone. Surveys show that about three-quarters of consumers never read the fine print of financial documents. And of those who actually make the effort, a significant proportion come away not understanding   Read More ...
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