WASHINGTON - (12/13/05) A deposit insurance reform plan isclose to moving forward in Congress, although it lacks severalprovisions desired by the banking industry, which continues tosupport the bill. The Senate and the House passed separate versionsof the bills in November, and it is now being reconciled. Thelegislation would merge the bank (FDIC) and thrift (BIF) insurancefunds, give the FDIC more flexibility in charging premiums, andreplace the minimum ratio of reserves to insured deposits. But thebiggest issue to be resolved remains insurance coverage levels. TheSenate OKd an increase in coverage for retirement accountsto $250,000, while leaving coverage at $100,000 on all otheraccounts. The House would raise coverage to $130,000, and $260,000on retirement accounts. There are also provisions for indexingdeposit insurance coverage to inflation.
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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.
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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.
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