COLUMBUS, Ohio - (02/24/05) -- State chartered credit unions wouldobtain expanded powers to offer new services and ease operationalrestrictions under credit union reform bills introduced in thestate legislature last week. Separate bills introduced in the Houseand Senate would allow credit unions to: establish student-onlybranches in schools for the first time; offer check cashing andwire transfers to non-members within their fields of membership;expressly authorize the use of electronic commerce, like electronicstatements and digital signatures; and ease the state's parityrequirements by allowing the superintendent of banking to setparity with federal standards administratively, instead of throughthe laborious public hearing process. They also have severalinteresting provisions, like allowing a credit union to apply withthe Secretary of State to designate any person to act as a policeofficer at their premises, which is currently allowed for banks andsavings and loans. But the credit union lobby decided to eliminateseveral provisions that were in last year's bill because theyfeared those provisions could create barriers to final passage,like the ability to accept municipal deposits; establish trustdepartments; or offer secondary capital. "We just felt that itwasn't the right time for some of these things and decided to leavethem out," Kozlowski, told The Credit Union Journal. The billswould apply to Ohio's 220 state chartered credit unions.
-
The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
1h ago -
The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
2h ago -
The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
3h ago -
Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
3h ago -
The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
5h ago -
In the inaugural iteration of American Banker's news quiz, test your knowledge on top articles covering the legal battles of the Consumer Financial Protection Bureau, new technology testing at JPMorgan Chase, earnings season and more.
5h ago