METAIRIE, La. - (02/21/06) -- The corporate network continued tocontract lastw week with another merger announced, this one betweenLouisiana Corporate CU and Corporate America CU. The combinationwill create a corporate with about $1.3 billion in assets andserving more than 300 natural person credit unions. Uner the plans,Corporate America CU will be the surviving entity and LouisianaCorporate CU would continue to operate as a branch of the Irondale,Ala.-based corporate. At least two other corporate nmergers arealready in process: Western Corporate FCU (WesCorp) with VolunteerCorporate FCU (VolCorp); and Empire Corporate FCU with Mid-StateCorporate FCU. The merger of the Louisiana and Alabama corporateswill leave 27 surviving corporates of a network that included 44corporates, not including U.S. Central CU, a decade ago.
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A Federal Reserve proposal to calculate stress capital buffers would mean that the banking system could be less likely to withstand an economic shock, the Democratic senator said.
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The president and his allies have stepped up their verbal attacks on the Federal Reserve and its chairman in recent weeks, and while the tough talk has not changed policy, it has sent a clear message to the financial sector.
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Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
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The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
July 2 -
The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
July 2 -
Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
July 2