The Pennsylvania Credit Union Association has entered field of membership litigation in support of the order issued by Secretary of Banking A. William Schenck III approving a community charter for the five-county Philadelphia area. Schenck's Dec. 22, 2004, order approved the community charter application of TruMark Financial Credit Union and provided community chartering guidance to Freedom Credit Union and Corry-Jamestown Credit Union. Freedom has since been granted a community charter and Corry-Jamestown's application is pending. That approval was appealed by the Pennsylvania Bankers Association, which has challenged Trumark's ongoing tax-exempt status by asserting that community-chartered credit unions should pay Pennsylvania's Mutual Thrift Tax, a tax levied upon mutual savings banks. "While we believe there is little merit to the bankers' taxation argument, it requires a rigorous defense by our association on behalf of all Pennsylvania credit unions and their members," said PCUA CEO Jim McCormack.
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At a time of mild or nonexistent loan growth, middle-market borrowers in the Lone Star State are providing a boost to Fifth Third Bancorp and Huntington Bancshares.
April 19 -
New details have emerged about the negotiations that culminated in Capital One's blockbuster $35 billion agreement to acquire Discover. At one point last December, the two parties broke off discussions, according to a securities filing.
April 19 -
According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
April 19 -
The Alabama regional lender says it expects expenses to taper off this year and anticipates challenged loans will gradually rise to historically average levels.
April 19 -
Truist Financial's top executive leadership team announces departures; First Horizon's chief credit officer is retiring; Ferry teams with Highnote to roll out a new Visa-branded payroll card; and more in the weekly banking news roundup.
April 19 -
The Dallas-based regional bank tapped a client for its co-pilot capabilities, where employees can message a bot instead of a human to get tech assistance.
April 19