WASHINGTON A coalition of consumergroups, including two nominal credit union-allies, called onleaders of the Senate Banking Committee to reject a number ofamendments to the pending regulatory relief bill, including aprovision that would allow privately insured credit unions to jointhe Federal Home Loan Bank system. The groups, including the creditunion-sponsored Center for Responsible Lending - (a subsidiary of Self Help CU), the creditunion-backed Consumer Federation of America and the as well as U.S.Public Interest Group and the National Community ReinvestmentCoalition, said a switch of more credit unions to private insurancecould risk the safety and soundness of the credit union system. Thegroups have been opposing private deposit insurance because of thecrisis, first in private insurance for thrifts in the 1980's, thenamong credit unions in the early 1990's. The FHLB provision is notcurrently in a scaled-back reg relief bill passed by the Senatelast month, but is a favored one of retiring House FinancialServices Chairman Michael Oxley. Oxley, represents a district nearDublin, Ohio-based ASI, the only surviving private deposit insurerin the country. The letter to Senate Banking Chairman RichardShelby, R-Al., and ranking Democrat Paul Sarbanes, D-Md., alsoexpresses opposition to a provision that would weaken the Fair DebtCollection Practices Act; a measure to remove usury limits inArkansas; and a provision to exempt certain entities, includingCUSOs, from annual privacy reporting requirements under theGramm-Leach-Bliley Act.
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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.
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