SALT LAKE CITY - (02/09/05) -- The Senate Rules Committee finallybroke a logjam Tuesday on the controversial anti-credit unionresolution and agreed to send the measure to the Senate's Revenueand Taxation Committee for its consideration. The measure, known asHouse Resolution 1, had been held up since passing the House twoweeks ago while lawmakers debated which committee had jurisdiction.The non-binding resolution would call on Congress to intervene inthe decade-old war between banks and credit unions by, among otherthings, allowing states to tax federally chartered credit unions.The issue came to the fore two years ago when a handful of statechartered credit unions dodged proposed legislation to tax them byconverting to the tax-exempt shield of a federalcharter.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27