WILSON, N.C. -- The former president of City of Wilson Employees FCU was charged with embezzling more than $14,000 form the credit union by taking out loans in other members' names without their knowledge. Elsie Taylor, 51, was president of the credit union until February 2005. After she left investigators discovered more than $500,000 in delinquent loans, many by more than a year, pushing up the credit union's delinquency ratio to 20%. Investigators discovered numerous questionable loans but only charged Taylor with two of the loans.
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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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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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