TORONTO - (07/14/06) Credit unions are still addingmembers, but many of those members wont be around for thelong-term, according to economists speaking Thursday atNAFCUs annual convention. Credit unions are expected to addas many as five-million members by the year 2010, but many of thosemembers are being double-counted; others are joining for oneproduct or service, like a car loan; and still others may becourted away by competitors, said David Colby, chief economist forCUNA Mutual Group. The major factors for growing membership:charter expansions, indirect lending and a variety of growthstrategies, and being countered by negative factors, like theculling of inactive accounts, the shallowness of indirect loanrelationships, and avid competition, said Colby. Wedefinitely need positive growth, but its positive qualitygrowth, said Colby. Id like to see you deepenthe relationships before you grow therelationships.
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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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