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Bittrex to Pay $29M in Fines
Bittrex crypto exchange had lackluster policies and ignored trades among users resulting in massive fees...
Robert Baron
October 14, 2022
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Banking News
Two Bank Acquisitions in Texas
Independent community banks based in Midland and Lubbock, TX, will be acquired by Houston-based Prosperity Bank to the tune of ~$570M. Deepening ties in West and Central Texas is important to Prosperity CEO David Zalman, who said,
The combination of our companies enables us to enter the desirable…markets in the high growth Central Texas area.
California Bank Makes Climate-friendly Billboard
Bank of the West's chief marketing officer Ben Stuart created the kelp-focused billboard with nonprofit Sustainable Surf. In a press release, the bank emphasized how Americans deserve the opportunity to fight climate change with their finances:
Putting your money into institutions that align with your values is one of the most impactful actions you can take as a consumer or business. Our Money Matters survey found only 23 percent of Americans know what their bank finances.
Credit Union News
NCUA Budget Hike is “too expensive”
Credit union executives were unimpressed by NCUA's proposed 9.6% increase in their 2023 operating budget. Dan Berger, the president of the National Association of Federally-Insured Credit Unions, spoke out:
We do not support the agency’s decision to propose unreasonable increases in its 2023-2024 proposed budget.
4th Annual ‘CU Kind Day’ Celebrated 10/10
Over 2,900 employees from 78 credit unions across the U.S. spent the day volunteering and raising money for their communities. Illinois Credit Union League president Tom Kane founded the event in 2019 in order to positively impact customers' communities.
I look at the CU Kind Day initiative as a manifestation of that mindset; it is an opportunity to show our communities how important they are to credit unions, and to the movement as a whole.
Financial Services & Blockchain
Crypto Exchange Bittrex Pays $29M+ in Sanction Fines
Bittrex had lackluster anti-money laundering (AML) policies and ignored trades among users in countries under U.S. sanctions. Suspicious transactions from 2014-2017 exceed $263M.
Fintech-Bank Partnerships Overlooked in Favor of Crypto
Partnerships between banks and fintech corporations muddle financial responsibility but are not being addressed by Congress. Comptroller of the Currency Michael Hsu believes that:
[This] process, if left to its own devices, is likely to accelerate and expand until there is a severe problem.
