GRAND RAPIDS, Mich. - (03/20/06) Capital Community CU launchedsome big expansion plans last month with approval from NCUA toacquire three nearby credit unions through mergers. The $220million credit union, formerly known as Lansing Community CUobtained approval from NCUA to merge with three smaller creditunion based in nearby Wyoming, Mich.: Spartan Stores CU ($10million); Allied Employers CU ($7 million) and Associated Builders& Contractors CU ($4 million). The he biggest mergers approvedin February were: Chevron FCU, Oakland, Calif. ($875 million) withChevron Pascagoula FCU, Pascagoula, Miss. ($27 million); Sooper CU,Denver ($140 million) with Colorado Central CU, Arvada, Colo. ($70million); Mutual Savings CU, Birmingham, Ala. ($150 million) andCaraway Methodist CU, Birmingham ($20 million) and Superior CU,Lima, Ohio ($180 million) with Member 1 CU, Lima ($20 million).NCUA approved 21 mergers last month, including 11 erasing a smallcredit union, one of less than $5 million.
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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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