WASHINGTON - (03/27/06) Faced with new congressionalcriticisms, NCUA Chairman JoAnn Johnson assured a key lawmakerFriday that the agencys member service data collection,undertaken to measure credit union service to the underserved, willbe conducted in an unbiased and scientific manner. Johnson, inresponding to criticisms by California Congressman Bill Thomas,chairman of the tax-writing House Ways and Means Committee, saidanecdotes of credit union service will not be part of the datasurveyData is data: statistical, numerical andfactual, wrote Johnson in a letter obtained by The CreditUnion Journal. Episodic or anecdotal evidence cannot andwill not be part of the data. Earlier last week, Thomasnotified Johnson he has asked the congressional wathdog, theGeneral Accountability Office, to review whether NCUA is properlyindependent and objective in its oversight of credit unions inlight of recent remarks by NCUA Board members suggesting the datacollection represents an opportunity for credit unions toillustrate their good work to Congress. Thomas said such remarksmake him and others in Congress wonder whether NCUA is acting as acheerleader for credit unions, rather than avigilant regulator.
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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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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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