LANCASTER, Pa. - (11/17/05) -- A 59-year-old Founders FCU memberwas cheated out of $8,000 from her credit union account Monday bytwo scamsters pretending to be helping the poor. The two men,claiming to be from Nigeria, told the woman they needed her $8,000in cash to enable them to collect $50,000 from a life insuranceclaim they intended to donate to charity. The credit union membereventually ended up with a bandana full of shredded newspaper,instead of the $58,000 in cash she was led to believe would be init.
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The president and his allies have stepped up their verbal attacks on the Federal Reserve and its chairman in recent weeks, and while the tough talk has not changed policy, it has sent a clear message to the financial sector.
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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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