PASADENA, Calif. - (02/23/06) -- Wescom CU said it has chosen fivearea charities to receive donations from its WeCare Foundation for2006, which contributed $87,500to local non-profits in employee andcredit union funds last year. This year's charity targets are: TheHouse Ear Institute's Children's Auditory Research and EvaluationCenter; Canine Companions, which provides trained dogs for thedisabled; Hope House, a center for women fighting substance abuse;and Free Arts for Abused Children, artists who assist abused andneglected children. In addition, WeCare will continue this year tosupport The Unfogettable Foundation, which helps pay low-incomefamilies pay children's funeral costs.
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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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