WASHINGTON - (06/10/05) -- Linsco/Private Ledger Corp., one ofthe most popular third-party brokers for credit unions, was among15 broker-dealers fined a total of $34 million by the NASD thisweek for payments they received to push certain mutual funds.Boston-based LPL, which provides brokerage services for more than100 credit unions, agreed to pay $3.6 million as part of asettlement deal with the NASD. LPL, according to the NASD,maintained shelf space (or revenue sharing) programs in whichparticipating mutual fund complexes paid a fee in return forpreferential treatment, which included enhanced access to thefirm's sales force, participation in firm meetings and placement ofpromotional material on the firm's internal website. One fundcomplex paid all, and some paid part of their fees forparticipating in the programs by directing over $14.4 million inbrokerage commissions to LPL.
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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.
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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.
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