SEATTLE, - (12/26/05) The Federal Home Loan Bank ofSeattle reported last week that its vast portfolio of mortgagesecurities is still under water to the tune of $400 million. TheSeattle Bank said the unrealized losses on its portfolio wasunchanged since September 30, which will continue to depressearnings. The Bank said net income for its fiscal third quarterended Nov. 30 was $14.3 million, down 15% for the same period lastyear. The Seattle banks said it continued its exit of the secondarymortgage market, selling off $1.4 billion of mortgages from itsMortgage Purchase Program in August, helping it to reduce itsmortgage portfolio to $7.6 billion at Sept. 30, down from $10.4billion at the end of 2004. The Seattle Bank is owned by its 370member financial institutions, including 50 creditunions.
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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.
July 2 -
Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
July 2 -
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.
July 2