LEXINGTON, Mass. - (12/28/04) - CUMEX Mortgage Service Center said ithas received approval from Fannie Mae to offer 40-year mortgagesthrough a pilot program currently offered through 16 credit unionsnationwide. CUMEX, which provides mortgages services to creditunions in Massachusetts, Connecticut and Vermont, also said it hasintroduced an Interest-Only Mortgage, which allows borrowers tomake lower payments--only interest--in the earlier years of theloan. CUMEX Mortgage is a unit of Chittendon Corp., of Burlington,Vt.
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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.
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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.
July 2