ALBANY, N.Y. - (05/17/04) -- A year after the failure of afledgling neighborhood community development credit union, StateEmployees FCU is returning financial services to the low-incomeneighborhood of Arbor Hill. The hard-hit community had been servedsince 1999 by its own credit union, Albany Community DevelopmentCU, which was absorbed into SEFCU last year. But SEFCU, whichhelped organize the ill-fated CDCU, is returning to theneighborhood Monday with the opening of its 15th branch. Communityactivists hope the new credit union branch will provide residentswith financial services like checking and savings accounts and loancapital. The First Church of Albany has pledged to move some of itsaccounts from a nearby bank and make the first deposits in the newbranch Monday.
-
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.
8h ago -
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.
8h ago -
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.
9h ago -
Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
10h ago -
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.
10h ago -
A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.
11h ago