ALEXANDRIA, Va. - (02/22/06) -- NCUA said it approved another 35mergers last month, continuing a torrid pace that has claimed 130credit unions over the last four months. There was a five-year highof 319 mergers last year, cutting the number of credit unions inthe country to fewer than 9,000, for the first time in fivedecades. Last month's approved mergers included several largecombinations, like: Anheuser Busch Employees FCU, St. Louis ($705million) with Meridian FCU, St. Louis ($120 million); Powerco CU,Gahanna, Ohio ($670 million) with TEA CU, Columbus, Ohio ($35million); OmniFamily CU, Battle Creek, Mich. ($150 million) withKastco CU, Kalamazoo, Mich. ($45 million); and IBM Southeast FCU,Boca Raton, Fla. ($700 million) with H2O FCU, West Palm Beach, Fla.($7 million). Also, Generations Community FCU, in Durham, N.C. ($8million), was approved to acquire two credit unions by merger, St.Luke FCU, Windsor, N.C. ($8 million) and Covenant Community FCU,Research Triangle, N.C. ($370,000).
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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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