With the defeat last year of AB 1226, a banker-inspired bill that called for a study on imposing a "fee" on California's largest credit unions, the tax threat in California has lessened somewhat, but attempts by the banking industry to tax credit unions are likely to recur. The state is facing a $14-billion budget shortfall for 2004-05. Just as they did in California and other states last year, the banking industry may try to leverage the state's fiscal problems into an excuse for calling for taxes on credit unions. If they do, we will meet their challenge with the same grassroots campaign-credit union leaders phoning, faxing, mailing and e-mailing their legislators and if necessary testifying before legislative committees-that exposed AB 1226 as an attempt to harm credit unions, and led to its defeat.
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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