PORTLAND, Ore. - (04/10/06) Financially ailing ATM giantTRM Corp. said Friday its auditor, PricewaterhouseCoopers LP, hasraised questions about the companys ability to continue as agoing concern. The company, which reported an $8.8 million loss forthe fourth quarter of 2005, said PricewaterhouseCoopers noted itsconcerns over TRMs loan defaults. TRM has entered into a90-day extension with its lenders, led by Bank of America, toremedy the defaults and obtain new financing. The disclosure camejust three days after TRM announced a new agreement with the CO-OPNetwork to co-brand 5,500 of its ATMs bringing to 6,500 ATMsbranded on the CO-OP Network. With almost 21,000 ATMs undermanagement, TRM has the second largest ATM fleet in the country,behind only Cardtronics and its 26,000 machines.
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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.
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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.
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Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
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Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
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A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.
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