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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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27