DECATUR, Ill. - (01/30/06) Earthmover CU said Friday ithas donated $50,000 to an endowment for CommunityWorks, a fund thatwill be used to support local non-profit organizations inchildcare, workforce development and land use preservation.Donations to the fund, to be administered by The CommunityFoundation of Decatur/Macon County, will be matched by the GrandVictoria Foundation, of Elgin. The Foundation has about $4.4million in assets and has provided almost $1 million in grants tolocal non-profits. The credit unions $50,000 gift coincideswith its 50th anniversary.
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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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