WASHINGTON - (06/23/06) -- The American Bankers Association isdrafting a proposal they hope to shop to Congress that wouldrequire credit unions to stick to their traditional business andmarkets--or else be forced to convert to banks or thrifts. Theproposal would enact strict caps on business lending, somethinglike the qualified thrift lender test required for savings andloans, according to one source familiar with the proposal. Thebankers would also like to set restrictions of FOM as part of theirbill, the source told The Credit Union Journal. The draft is stillin its initial stages but is expected to be shared to lawmakers inhopes of attracting a sponsor in the next Congress.
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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