TALLAHASSEE, Fla. - (04/01/05) The Florida Senate, by a unanimous 38-0vote yesterday, has passed and sent on to the House ofRepresentatives a bill that would update portions ofFloridas Credit Union Act to conform with the Federal CreditUnion Act. The bill, SB 1330, had been brought to the Senate floorthe day before and was placed on the Senates final passagecalendar without discussion or debate. A hearing in the FloridaHouse is expected to be scheduled next week before the CivilJustice Committee, the final step before going forward to the HouseCommerce Council, which will schedule the bill for action by thefull House.
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The president and his allies have stepped up their verbal attacks on the Federal Reserve and its chairman in recent weeks, and while the tough talk has not changed policy, it has sent a clear message to the financial sector.
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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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