KANSAS CITY - (09/06/05) -- Tax preparers H&R Block, whichhas evolved into a diversified financial services provider, saidlast week it expects to win a bank charter under Utah's IndustrialLoan Company regulations later this year. The company, which runs alarge mortgage banking and financial consulting operation, is thelatest, along with Wal-Mart, Sallie Mae, and other non-traditionalfinancial service providers, to seek a bank charter under Utah'slaws. Separately, Block reported a loss of $28.3 million, or 9cents a share, for its first quarter, compared with a loss of $36.7million, or 11 cents a share, a year earlier. The company usuallyhas a down season in its first quarter, which comes after taxseason. Revenue for the first quarter rose 26% to $615 million,lifted by strong sales in the company's Option One mortgagedivision, where loan volume surged 60% to an all-time high of $10.9billion.
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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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