WASHINGTON - (02/27/06) Bolstered by a strongperformance by its CUNA Strategic Services subsidiary, CUNAannounced Saturday that it finished almost $1.5 million in theblack for 2005. The credit union trade association announced at itsannual board meeting Saturday that its reconstructed servicessubsidiary earned a net of $1.3 million last year, 51%, or about$700,000 of which, went to CUNA, with the rest going to theleagues. Added to the associations bottom line was a$456,000 operating net, according to Tom Dorety, treasurer for theCUNA Board. Non-operating gains, including unrealized earnings onits investment portfolio, added another $1.1 million in net income.CUNA is in sound financial standing; sound financingcondition, not only on the CUNA side, but for CSS, as well,said Dorety. Last years $1.5 million in net income was upslightly from $1.4 million cleared in 2004, which included $153,000on operating net and about $1.1 million in investmentgains.
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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.
July 2