WESTERLY, R.I. - (10/18/04) -- Westerly Community CU has begunmarketing its new member business loan program through the localchamber of commerce, the Misquamicut Business Association, in orderto expand the fledgling program's reach. So far the credit unionhas almost doubled its target for the program, unveiled in June,averaging about $1 million a month in new loans. The credit union'sprogram offers loans up to $250,000, lines of credit, and U.S.Small Business Administration guaranteed loans, as well asbusiness-related checking accounts, interest-bearing accounts, andDBA (doing business as) accounts.
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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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