AUSTIN, Texas - (03/15/05) -- The House voted Monday to exempt thestate's 225 state chartered credit unions from a business tax billthat would replace the current franchise tax system. Under theproposed bill debated over the last week, businesses would have thechoice of paying a tax on payrolls on the franchise tax, whichcredit unions and other non-profits are currently exempt from. Theamendment approved by the House, one of about 50 added during theday-long debate, would also create an exemption for credit unionsand other 501 (c) organizations from the new business tax,according to Melodie Stegall, a lobbyist for the CU LegislativeCoalition, which represents 22 credit unions before the statelegislature. "Of course, there are so many amendments that couldstill shoot us out of the saddle," Stegall told The Credit UnionJournal last night. Once the bill is passed by the House it must beapproved by the Senate too.
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At a time of mild or nonexistent loan growth, middle-market borrowers in the Lone Star State are providing a boost to Fifth Third Bancorp and Huntington Bancshares.
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New details have emerged about the negotiations that culminated in Capital One's blockbuster $35 billion agreement to acquire Discover. At one point last December, the two parties broke off discussions, according to a securities filing.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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The Alabama regional lender says it expects expenses to taper off this year and anticipates challenged loans will gradually rise to historically average levels.
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Truist Financial's top executive leadership team announces departures; First Horizon's chief credit officer is retiring; Ferry teams with Highnote to roll out a new Visa-branded payroll card; and more in the weekly banking news roundup.
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The Dallas-based regional bank tapped a client for its co-pilot capabilities, where employees can message a bot instead of a human to get tech assistance.
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