MILWAUKEE - (10/20/04) -- The Filene Research Institute signeda partnership with Brewery CU here Tuesday to develop acomprehensive plan for serving low-income communities and theunbanked they hope will be used as an informal guideline by creditunions across the country. The goal is to introduce such lifelineservices such as check cash, payday lending and wire transfers forunderserved residents of this community on the edge of the city,which is populated by several low-income neighborhoods, accordingto James Schrimpf, president of the $17 million credit union. Someof the programs that will be explored will include servingnon-member with wire transfers or check cashing, somethingWisconsin credit unions were allowed to do under last year's creditunion reform bill, he said. He cited a number of other services hiscredit union could offer that are now provided by check cashing andpayday loan outlets, like the sale of postage stamps and officesupplies, or bill paying. "We want to show if credit unions takethe initiative to serve the underserved, not only will it work ourfor the people we're serving, but it can work out for the creditunion itself," Schrimpf told The Credit Union Journal.
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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.
July 2