JEFFERSON CITY, Mo. - (03/30/06) In a ruling that could causehavoc among the states biggest credit unions, a state courthere ruled for the bankers and struck down the Missouri CUCommissions field of membership rules that have allowedcredit unions ever increasing community grants. In its ruling, theCole County Circuit Court overruled the Commissionsauthority to define what would be considered a valid geographicarea for purposes of setting an FOM. The Missouri BankersAssociation and several local banks had challenged theCommissions rulings in granting several of the biggest FOMgrants ever in Missouri, several of which encompassed numerouscounties and more than 1.5 million people. The bankers claimed thatthe Commissions rulings violated provisions of thestates 1998 membership law which allowed credit unions toadd groups up to 3,000 in number. Among the FOM grants beingchallenged are those awarded to some of Missouris biggeststate chartered credit unions, including First Community CU,Vantage CU, St, Louis Postal CU, St. Louis Telephone Employees CU,Alliance CU and Electro Savings CU. The credit union division ofthe state Department of Economic Development, which oversees thestates credit unions, is expected to appeal the ruling to ahigher court. Roshara Holub, president of the Missouri CUAssociation, expressed confidence the lower court ruling will beoverturned on appeal. We are confident that the appellatecourt will overtur n the circuit court decision and give duedeference to the rulings of a regulatory commission authorized bystate statute, said Holub in a preparedstatement.
-
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