ALEXANDRIA, Va. - (02/21/06) -- NCUA announced Friday it taken overUnion Pacific Streamliner FCU and will run the $39 million creditunion with the goal of returning it to sound financial condition.The 69-year-old credit union, chartered to serve employees andfamily of Union Pacific railroad workers, reported strong capitalof 8% and low delinquency and charge-off ratios of 1% and 0.14%,respectively, at the end of the third quarter, but saw its netincome plunge from $194,000 in 2004 to a loss of $25,000 for thefirst three quarters of 2005.
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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 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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