The threat is high. The Wisconsin Bankers Association has publicly promised to introduce harmful tax legislation. All but two Wisconsin credit unions have state charters, making state-level legislation bankers' likely route of attack. Though legislators have tried to avoid adding taxes in Wisconsin-a state with one of the highest tax burdens in the nation-this could change if the state's deficit does not decrease or if new lawmakers are elected. Instead of adding new taxes, the state could collect millions in taxes that have been skirted by Wisconsin's banks. Eleven of 15 big banks paid no corporate tax in 2000 by transferring assets out of state.
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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