WASHINGTON - (02/07/05) -- President Bush's 2006 budget willpropose a $15 billion increase in guaranteed Pell grants tolow-income students and billions of dollars in subsidy cuts tocredit unions and bank participants in the guaranteed student loanprogram to pay for the funding increase. The fiscal year budget tobe presented to Congress Monday includes reductions in thereimbursement rate to lenders on student loan defaults andincreases in the fees charged lenders for loan consolidations. TheAdministration will also call for an end to a loophole in theguaranteed student loan program that allows some lenders to recovera 9.5% guaranteed rate of return on some loans. A one-yearmoratorium on the practice expires in September. The proposedbudget cuts in the student loan program come as hundreds of creditunions are either trimming back or eliminating altogether thestudent loan programs in the face of rising competition from suchgiants as Sallie Mae, JP Morgan Chase or Citibank.
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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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The Federal Reserve has banned a Wyoming bank employee from the banking industry for embezzling more than $30,000 from a charity.
July 3