ARLINGTON, Va. - (04/03/06) A group of approximately 40 stateregulators and examiners from 20 states who participated inmeetings hosted by the National Association of State Credit UnionSupervisors (NASCUS) in Boston and Phoenix discussed how to respondto a request from U.S. Rep. Bill Thomas for a rather large amountof information about credit unions in their respective states. Therequest to state regulators follows a similar demand of NCUA todocument how credit unions are serving their members, and followsNovember 2005 hearings on the CU tax exemption. Among the dataThomas is requesting: total number of state-charters, total assetsand members; a breakdown by state on how CUs are providing serviceto low- and moderate-income consumers; information on executivecompensation, and much more.
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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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