WASHINGTON - (07/15/05) -- NCUA's actions denying theconversion of Community CU have drawn attention from one sourceoutside the credit union and political arena--a Washington watchdoggroup called Citizens Against Government Waste. "It is the dog daysof summer and it appears federal bureaucrats have nothing better todo than harass and put up bogus barriers to a credit union thatwants to change its charter and become a savings bank," said TomSchatz, president of the non-profit which says it is dedicated toeliminating waste, fraud, mismanagement and abuse in thegovernment. The self-described watchdog group, well know for its'porker of the month award' citing government waste, said NCUA'saction invalidating last month's membership vote approving thecontroversial conversion could cost the credit union as much as$500,00 if Community CU is required to conduct the vote again."This is government overreach and an excessive, analytic reading ofthe regulation," Schatz said. ""It is time for NCUA to use commonsense, stop wasting time and tax dollars, and approve theconversion."
-
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.
11h ago -
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.
July 2 -
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.
July 2 -
Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
July 2 -
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.
July 2 -
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