BAY CITY, Mich. - (09/02/05) -- FinancialEdge Community CU said itwill continue to help members weather skyrocketing gas prices byextending its special gas rebate program till the end of the year.The credit union had offered to rebate 5% on all gas purchasesfinanced on one Visa cards since June 1, but has agreed to extendthe program--at a 3% rebate--until the end of the year, accordingto Pam Swope, marketing manager at the $55 million credit union.Despite costing tens of thousands of dollars in rebates, thepromotion has broken even because of the vast increase in cardusage it has induced, Swope told The Credit Union Journal. It'seven prompted the use of dormant card accounts and attracted manynew accounts, said Swope. "We make money on the interchange fees,"she explained. The program, which is increasing in popularity asgas price in the area rose 60 cents this week to an average of$3.20 per gallon of regular, is being promoted at the creditunion's branches, its ATMs and in inserts to all members, and evengained attention of the local television stations.
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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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