financial institutions News

Deal Offers More Banking Services for California Pot Firms

LOS ANGELES (AP) — A California cannabis industry group announced Tuesday that it reached an agreement with a state credit union that will provide checking, wire transfers and other banking services for more marijuana companies, helping ease what has been …

Lloyd’s Evades $3M in Judgment Interest Because FDIC Waited Too Long to Collect

Lloyd’s of London does not have to pay the U.S. government’s Federal Deposit Insurance Corp. $3 million in judgment interest because the FDIC waited too long —18 months after a final judgment — to try to collect it. The action …

Bank Crimes Fell in 2010

Banks had more than $43 million stolen from them in 2010, while about $8 million of the amount was recovered. Overall there was about a seven percent drop in crimes against banks in 2010, according to the FBI. Most violations …