AUSTIN, Texas - (06/07/05) -- The state legislature adjourned lastweek with the House and Senate failing to reach agreement on a taxreform bill, thus ending the threat to the credit union taxexemption for another year. Gov. Rick Perry could decide to call aspecial session to forge agreement on a tax bill but the issue isexpected to carry over again to next year when the courts may forcelawmakers to pass a reform package to fund state aid to schools,according to Allison Castle, a spokesperson for the Texas CULeague. "We're fine, right now, both the Governor and lieutenantGovernor have vowed to support our tax exemption. So the situationis status quo," Castle told The Credit Union Journal. The taxexemption was threatened in the beginning of the 140-day sessionwhen lawmakers suggested closing loopholes and eliminatingexemptions, including the credit union exemption, to expand the taxbase, but that proposal was rejected by the House and wasn't evenconsidered by the Senate.
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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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