WASHINGTON - (12/28/05) A bill that would lift the amountcovered by deposit insurance will not see any action until afterthe turn of the year. The deposit insurance reform bill primarilyaddresses the FDIC, but will also affect the National Credit UnionShare Insurance Fund. Passage of the bill has been delayed becauseof an adjustment to its language that has meant it must return tothe House for another vote. The bill, which was included in theSenate as part of a huge budget bill, only passed the upper Housebecause Vice President Dick Cheney cast a tie-breaking vote. Thebill would increase coverage for retirement accounts to $250,000and give NCUA and FDIC authority to adjust coverage levels of allaccounts to keep pace with inflation, starting in 2010. The billwould also give the insurance funds more flexibility in chargingpremiums and would merge the bank and thrift insurance funds into anew Deposit Insurance Fund.
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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 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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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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