RIVERSIDE, Calif. – City officials are criticizing a decision by Raincross CU to merge into the larger Visterra CU and are planning to sever their ties with the 53-year-old credit union, originally chartered to serve city workers. City council members are encouraging city employees and residents to patronize locally based credit unions as part of their ‘Shop Riverside’ campaign, meant to keep local sales tax dollars in the city. Raincross, which claims around 7,000 members and about $40 million in assets, was founded in 1954 as Riverside City Employees CU and has been losing members in recent years. Like many smaller credit unions, Raincross management saw better prospects as part of a larger credit union and chose the $400 million Visterra CU, known till last year as March Community CU, from four local suitors.
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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.
July 3