WASHINGTON - (08/17/04) CUNA said it will put its supportbehind legislation that would deposit $500 into a special accountfor every child born after Dec. 31, 2005. The goal is to build asavings habit for every child from the time he or she is born.Funds in the American Saving for Personal Investment, retirementand Education (ASPIRE) Act, which would create the so-called KIDSAccount, could not be withdrawn until age 18. The bill is beingsponsored in the Senate by Sen. Rick Santorum (R-PA) and Sen. JonS. Corzine (D-NJ) and in the House by reps Pat Kennedy (R-RI), Rep.Harold Ford (D-TN), Tom Petri (R-WI), and Phil English (R-PA).CUNA's Leon Peace said he does not anticipate the bill will movethis year, but does expect it might see action in the next sessionof Congress. Estimates are the bill would cost $3.25 billion in itsfirst year and $37.5 billion over 10 years.
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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