FARMERS BRANCH, Texas - (09/30/05) -- Of 48 credit unions operating 66branches in south Texas that were hit by Hurricane Rita, 19 arefully operational, 12 are partially operational and nine arenon-operational, although several were expected to open Thursday.Eight have remained out of touch with authorities, according to theTexas CU Leaguue. Credit unions in Beaumont, Orange, Port Arthurand Jasper, Texas, are being told it could be up to four weeksbefore power is restored. The Texas league, meanwhile, said itfielded hundreds of calls on just Wednesday alone from credit unionmembers trying to get a status report on their credit unions.Meanwhile, Member Service Centers reported it is working toexpedite the addition of several affected credit unions to the MSCshared branching network to give their members access to more than1,800 shared branching locations.
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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.
July 2