PRYOR, Okla. - (03/27/06) Western FCU filed suit lastweek against a local car dealer claiming it suffered damages ofmore than $500,000 in a used car power bookingscheme. In power booking, a dealership send an inflated invoice ofa used card deal to the lender, who unknowingly provides thefinancing at the inflated price. The credit union claims thatHawkes Motor Co. power booked at least 31 vehicles purchased fromthe car dealer that it would not have financed if it knew theactual value of the vehicles. Once the customers found out somestopped payments on the vehicle, while the credit union repossessedothers. Western FCU claims it lost $521,000 on the 31loans.
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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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