CALABASAS, Calif. - (07/26/06) -- Digital Insight Corp. said Tuesdaythat revenues for its second quarter rose 18% to $61.6 million, butnet income for the period was $6.3 million, or 18 cents a share,virtually the same as last year's second quarter. The company saidits tax rate for the second quarter, 41.6%, was higher than forlast year's second quarter, 36.8%, due to the expiration of theresearch and development tax credit for federal income taxes in2006, and other factors. Second quarter expenses included about $3million in stock-based compensation recorded under FAS 123, and $1million in amortization of intangible assets for acquisitions. Forthe first six months of the year, DI reported a 15% rise inrevenues, to $119.5 million, but flat earnings growth at $12.6million, or 35 cents a share.
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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 -
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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