FREDERICKSBURG, Va. - (02/24/05) -- A local man pleaded guilty to fourrobberies at financial institutions, including two at creditunions, which he said he did to support his cocaine addiction.Ambrose Brown, 36, told police he used the $11,000 he stole in therobberies to buy drugs. Brown was convicted of robbing NSWC FCUlast April 28, Virginia CU on May 10, and Union Bank and rust andVirginia Heartland Bank.
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.
