WASHINGTON - (05/20/05) -- CUNA reported Thursday it continuesto focus its campaign contributions on key congressional leaders,with donations last month to Rep. Richard Baker, R-La., chairman ofa House Financial Services subcommittee ($1,000) and Rep. RahmEmanuel, D-ll., chairman of the Democratic Congressional CampaignCommittee, as well as Rep. Dennis Moore, D-Kan., who is drafting aCUNA-backed regulatory relief bill ($5,000). In addition CUNAcontinues to contribute to so-called leadership PACs, politicalaction committee operated for the benefit of top congressionalleaders, making contributions last month to Senate Majority LeaderBill Frist's Volunteer PAC ($4,000); Senate Minority Leader HarryReid's Searchlight Leadership Fund ($1,000); Senate BankingCommittee member Elizabeth Dole's The Leadership Circle ($5,000);and Rep. Dan Burton's Hoosier PAC ($5,000), as well as Burton'spersonal campaign fund ($5,000). CUNA made a total of $116,000 incampaign contributions last month and ended the month with $345,000of cash in its PAC.
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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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