LIVONIA, Mich. - (12/06/05) -- From new homes to first cars tocollege educations; credit unions have long been in the business offinancing a dream come true. But Co-op Services CU is toutinganother kind of a dream it helped fulfill: the development andproduction of a professional-quality Country music CD one of theirmember's daughter needed to gain an audition at a productionstudio. So longtime Co-op Services member James Dodd tapped intohis Gold Line of credit to finance the 'thousands of dollars' heneeded to make his daughter's dream come true. The credit unionloan enabled Gayle Dodd, who goes by the stage name 'Roxy,' to geta professional CD produced. The CD called 'Walking Disaster,'features 10 songs written by Gayle and is now on sale at localmusic stores. The credit union is so impressed they have invited'Roxy' to sing at their annual meeting next March.
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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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