WASHINGTON - (10/13/05) -- The Senate Banking Committee willofficially commence its inquiry into the adequacy of the floodinsurance and potential solutions for the massive shortfall incoverage in the hurricane-stricken Gulf States. The panel hasscheduled a hearing on the National Flood Insurance Program forOct. 18 where officials of the Federal Emergency Management Agency,the program's administrator, and other experts are scheduled totestify. Congress is studying potential ways to make up what isestimated at tens of billions of dollars of uninsured flood damagescaused by hurricanes Katrina and Rita.
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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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