WASHINGTON - (05/06/05) -- The credit union regulatory reliefinitiative--known as CURIA--got a hand from an unexpected sourcethis week--the bankers. A regulatory relief bill for banksintroduced in Congress, which would deliver billions of dollars innew tax breaks for banks, is expected to help the credit unioneffort. "We think it's a real benefit because it clearly enablesmembers of Congress who feel torn between two constituencies tohelp both the banks and credit unions," John McKechnie, chieflobbyist for CUNA, told The Credit Union Journal. Further, saidMcKechnie, it will be difficult for the bankers to lobby againstregulatory relief for credit unions while they are working fortheir own relief package. "If that's their argument, that they needregulatory relief, it will be hard for them to argue that weshouldn't get it too," he added. NAFCU's chief congressionallobbyist Brad Thaler said the bankers' bill could also add momentumto an overall regulatory relief bill for banks and credit unionsexpected to be introduced in Congress any day by encouraging thedivergent interests to support the overall package. CURIA--for CURegulatory Improvements Act--is expected to be introduced over thenext few weeks and will include 16 provisions, including severaleasing membership restrictions; giving NCUA more authority to setinvestment and loan rules; and establish a risk-based capitalsystem for credit unions.
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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.
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.
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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.
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