LAS VEGAS - (07/15/05) -- The opening general session of theNAFCU annual convention here got off to an inauspicious start. Therear of the stage featured a replica of a famous local landmark,the "Welcome to Fabulous Las Vegas, Nevada" sign that sits at thesouth end of the Strip. Just before NAFCU Chair Diane Furnasstepped up to the podium to address the group, the "M" of "WELCOME"fell down with a loud thud. A few minutes later, the first "E"dropped. Luckily, no one was near either of the falling letters.Furnas, who is departing the NAFCU Board after the meeting, saidthe conference theme, 'Raising the Stakes, is "appropriate for ameeting in Las Vegas, a town full of high stakes games." Thecombination of bank attacks, rising interest rates and threats tosecurity "raise the stakes," she said. In response, "credit unionsare stepping up their marketing efforts and making innovativechanges to attract more members."
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JPMorganChase and Bank of America raised concerns about the proposed removal of risk-weighted assets from the denominator of the short-term wholesale funding component of the GSIB surcharge — changes backed by Goldman Sachs and Morgan Stanley.
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House Speaker Mike Johnson, R-La., reportedly plans to send the recently passed housing bill to the White House on Monday, starting a 10-day clock for the president to sign the bill.
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The global payments platform, which recently expanded to the U.S., also plans to build new autonomous finance and agentic commerce products.
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A new lawsuit seeking class-action status alleges that FirstBank Puerto Rico knowingly facilitated Jeffrey Epstein's sex trafficking operation by failing to enforce basic anti-money-laundering and know-your-customer rules.
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Pinnacle Financial Partners' headquarters is moving to a new 25-story office tower in Midtown Atlanta; New Jersey-based Provident Bank appoints Adriano Duarte to succeed Thomas Lyons as chief financial officer; Binance will shut down services for customers in France, Italy, Spain and Poland after the exchange withdrew its MiCA licence application in Greece; and more in this week's banking news roundup.
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The bank is part of a trend of financial institutions trying to streamline a complicated industry that paper has dominated for years.
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