ALEXANDRIA, Va. - (05/30/06) Uncertainty over how to resolvea legal morass over its underserved policy caused the NCUA Boardlast week to postpone a critical vote on new rules for its field ofmembership expansions, agency sources told The Credit UnionJournal. NCUA Board members plan to bar community chartered creditunions from underserved expansions, but want to protect more than200 community charters already granted underserved expansions inapparent violation of the law. Those credit unions have investedmore than $1.3 billion by building branches, ATMs and otherfacilities and made $4 billion in loans and collected $3.4 billionin deposits form 1.6 million new members in those communities. Butthe American Bankers Association, which has sued NCUA overunderserved expansions granted community charters made it clear itwont drop its suit unless NCUA withdraws those expansions.The case is pending before the same federal judge who ruled NCUAviolated the law in granting four broad community charters in Utah.The three NCUA Board members were struggling last week to find away to protect the affected credit unions and their new members,while convincing the bankers to end their suit. The three Boardmembers agreed to postpone the fateful vote on a new rule becausethere was no consensus on a solution.
-
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