WASHINGTON - (01/11/06) The American BankersAssociation asked Congress Tuesday to step into the expandingdispute over credit unions service to the underserved, nowfestering in a federal court in Utah, as well. In a letter to allsenators, the ABA charged that credit unions are using theNCUAs underserved field of membership policy to justifymajor geographic expansions into bankers markets, inviolation of the law passed by Congress in 1998, HR 1151, the CUMembership Access Act. Citing several major underserved expansionsawarded by NCUA the ABA claims is in violation of the law, thebankers urged the Senate to review the credit union tax exemptionand whether credit unions are, in fact, serving lower-income peoplethrough these underserved expansions. The bankers letter comes aweek after CUNA President Dan Mica notified lawmakers of the latestABA suit and called the bankers cynical andhypocritical for challenging the credit unionsunderserved policy while questioning whether credit unions aredoing enough to serve the underserved. The escalating disputepromises that the decades-old credit unions/bank conflict willemerge again in Congress this year, promising to affect keylegislation for both parties.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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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.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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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.
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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.
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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.
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