XP Systems, a unit of Fiserv, Inc. said that it will provide a core processing system to Oakland (Calif.) Municipal Credit Union. The credit union chose XP2, a Web-enabled core information solution now installed at more than 200 CUs nationwide. OMCU CEO Tom Richardson cited the "intuitive, flexible cross-sell capabilities of XP2's built-in Member Services Platform" as being instrumental in reaching the decision.
For info: www.xpsystems.com.
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.
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.
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.
Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
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.
A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.
