ALEXANDRIA, Va. - (05/24/05) -- So far, NCUA's TIPs--the trade,industry and profession-wide charters introduced by NCUA two yearsago--have been a hard sell among credit union with just a dozen ofthe new charter types approved since their adoption. During thattime NCUA has approved TIPs the healthcare industry, airtransportation, education, government workers and local lawenforcement, with the biggest TIP granted Orange County Teacher'sCU, the giant Santa Ana, Calif., credit union to serve educationworkers in surrounding counties. NCUA is currently reviewing asmany as 12 more applications for TIPs charters, according toinformation obtained by The Credit Union Journal under the Freedomof Information Act. Those TIPs would allow the applicant creditunions to serve the automotive aftermarket industry (CAWA FCU);protective services (Rocky Mountain Law Enforcement FCU);multi-media industry (Multi-Media FCU); federal government workers(IR FCU); and government employees (Hawaii State FCU), amongothers.
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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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