AUSTIN, Texas - (07/07/05) -- The Texas CU Department saidWednesday it has issued an order approving the application fromCommunity CU to convert to a mutual savings bank, finding that theballoting and vote for the $1.4 billion credit union were proper."It's not just the balloting process; we've approved theirapplication," Kerri Galvin, general counsel for the CU Department,told The Credit Union Journal. The state regulator's action, cominga week after the federal Office of Thrift Supervision approved thecredit union giant's thrift application, sets up a showdown withNCUA, which has indicated it won't certify the controversial votebecause the ballots included a technical violation of the agency'sconversion regulations. NCUA said Wednesday its Region FiveDirector has received Community CU's certification documents,including a 17-page letter and attachments, and has until Monday torender its decision on the largest credit union ever to seek a bankcharter.
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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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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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