ALEXANDRIA, Va. - (07/08/05) -- NCUA said it wont certifylast months vote by members of Community CU to convert the$1.4 billion credit union to a mutual savings bank because of atechnical violation of the agencys rules with the balloting,a top NCUA source told The Credit Union Journal Thursday. Theagency, which is in the process of notifying the credit union giantof its ruling, said Community CU must conduct a new ballot in orderto have the vote certified, the source said. The NCUA ruling,coming after the federal Office of Thrift Supervision and the TexasCU Department has certified the vote, sets the stage for what isexpected to be a legal showdown, with the Plano, Texas, creditunion expected to go to court to challenge the federalregulators ruling. More than 71% of Community CU members whovoted in the balloting endorsed the charter switch.
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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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The Federal Reserve has banned a Wyoming bank employee from the banking industry for embezzling more than $30,000 from a charity.
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