ALBANY, N.Y. - (05/02/05) -- Consumer and senior citizensadvocates have joined with the New York CU League to lobby statelawmakers to help curb predatory practices in the market for taxrefund anticipation loans. A group called New Yorkers forResponsible Lending said the interest rates charged on tax refundloans can soar to as high as 700% on an annual basis, in violationof the state's 25% usury ceiling. The New York league, AARP andconsumer groups want legislation to close loopholes in the state'sfinancial regulation that allow RAL providers to circumvent theusury ceilings. The state Assembly is scheduled to hold a hearingon the subject Monday.
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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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