On a scale of 1-10, the tax threat in Michigan is about a five. In December, the governor signed the Michigan Credit Union Act (MCUA) modernization bill into law. Even with this monumental passage, credit unions must remain vigilant against any type of tax threat from the banking industry. Although there has been no indication that state lawmakers intend to re-examine Michigan's state-chartered credit unions' tax-exempt status, the governor has expressed the desire to review the state's entire tax structure as a means to create additional revenue for the state. The motive behind this initiative is largely due to the state's changing economy and the phase-out of the single business tax, scheduled for 2010 (state-chartered CU's do not pay the SBT). While this objective seems to focus mainly on business taxes, State Treasurer Jay Rising, who is leading the effort, has expressed the possibility of expanding sales tax on certain services, including financial services.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
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.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
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.
July 3 -
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.
July 3 -
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.
July 3