WASHINGTON - (07/20/06) The Senate Banking Committeevoted Wednesday to confirm former NCUA Board member Geoffrey Bacinoto a seat on the Federal Housing Finance Board, the federal agencythat regulates the 12 Federal Home Loan Banks. Bacinosnomination now goes for a vote before the full Senate, which isexpected to approve the appointment before it adjourns for nextmonths August recess. The appointment of Bacino to thehousing panel indicates the growing importance credit unions havein the FHLB system, with more than 1,000 credit unions now members.Also confirmed with Bacino Wednesday were: Frederic Mishkin to aseat on the Federal Reserve Board; Edmund Moy, to the board of theU.S. Mint; and Linda Conlin, Joseph Grandmaison, and JamesLambright, to positions at the Export-Import Bank.
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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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