CHICAGO - (12/21/05) -- The Federal Home Loan Bank ofChicago announced Tuesday it has awarded a $52,500 affordablehousing grant to CEFCU, the only one of 69 projects and $14.2million in grants awarded to a credit union by the Chicago bank.The Peoria, Ill., credit union will use the funds to financeno-cost repairs to low-income homeowners at the 15-unit CommonPlace residential development in Peoria. Earlier this year, theChicago bank awarded $14.6 million to 66 affordable housingprojects, but none of it to credit unions.
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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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