BOSTON - (12/02/05) -- Eight of the 15 directors at MBTAEmployees CU abruptly resigned Thursday, just before they werescheduled to meet with state regulators to review an audit thatfound questionable travel reimbursements of trips to conferences bysome of them. The written resignations were delivered to the stateBanking Division just hours before the whole board was scheduled tomeet with Banking Commissioner Steven Antonakes, according toreports. The directors were all current or former employees of theMassachusetts Bay Transportation Authority. The audit focused onreimbursements paid by the credit union for out-of-stateconferences. Officials said the issue has not adversely affectedthe financial condition of the $180 million credit union, which issound.
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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.
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