WASHINGTON - (12/14/05) As many had expected, The FederalReserve boosted the federal funds rate by 25 basis points to 4.25%,its highest point since March of 2001. It marked the 13thconsecutive meeting at which the Fed has pushed rates up. Someanalysts, in reviewing policy statements released by the Fed,believe the Fed may be near the end of its plans to increase rates,but others are predicting several more increases may be in store.The meeting was the second-to-the-last for Fed Chairman AlanGreenspan, who will be succeeded at the end of January, 2006, byBen Bernanke.
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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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