SCHENECTADY, N.Y. - (12/21/05) -- Sunmark FCU is offering potentialmembers in its newly added field of membership a holidaypremium--an online savings account that pays 4.25%--the highestrate in the nation. The online accounts, at RateEdge.com, pay asmuch as five times the credit union's regular savings account ratesand are available for all members but are specifically targeted toresidents of upstate New York's Montgomery and Schoharie counties,which Sunmark added to its four-county field of membership just afew months ago. The special online savings product was devised toreach potential members who may be too distant from a branch andare comfortable with online banking, according to Susan Siegel,vice president of marketing for Sunmark. "We can't build branchesas fast as we'd like to in these new areas," Siegel told The CreditUnion Journal. The online product enables Sunmark to serve thesepotential new members while keeping expenses down, sheadded.
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The president and his allies have stepped up their verbal attacks on the Federal Reserve and its chairman in recent weeks, and while the tough talk has not changed policy, it has sent a clear message to the financial sector.
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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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