LAWRENCE, Kan. - (03/27/06) State regulators took over alocal credit union conglomerate after discovering a number offinancial improprieties, including the booking of a $3 million loanthat had not been made on the final day of 2005. The Credit unionGroupa conglomeration of four area credit unionsalsoappeared to have engage in other financial tricks, according to acease and desist order issued by regulators in connection with therare state conservatorship. They included: under-reporting of loandelinquencies; insider loans; and under-reporting of expenses.Credit Union Group, with $20.5 million in assets, was comprised offour credit unions that had been combined a few years ago: FreeState CU, Kansas City Metropolitan CU, Colgate-Palmolive EmployeesCU and Employees CU of Puritan Bennett.
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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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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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