State-chartered credit unions in Oklahoma are already dealing with a state tax burden in the form of in-lieu taxes, property taxes, and sales and use taxes. This, however, does not keep Oklahoma credit unions out of the bankers' spotlight. Oklahoma has suffered major job losses, and the state budget has been under severe strain. This is causing the legislature to look at a number of ways to increase state revenue. With this in mind, our credit unions are under a moderate threat of an increase in existing taxes or the passage of new taxes. For example, a discussion was held last year by the legislature about imposing a new service tax that could eventually impact our state-chartered credit unions. We make continual effort to combat these threats by making our industry part of the process. Our industry is present and available at revenue and taxation meetings and we maintain solid relationships and continual contact with members of our legislature.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3