AUSTIN, Texas - (04/26/06) The state House Tuesday infavor of a bill that swaps the current franchise tax in favor of anew business "Gross Margins" tax, continuing to preserve the creditunion exemption from state taxes. The legislation as passed wouldpreserve the not-for-profit income tax exemption state-charteredcredit unions have now under the existing franchise tax. Weare pleased with the bi-partisan vote in the House yesterdaytowards meaningful property tax relief for millions of Texas creditunion members and that protects credit unions, said BuddyGill, chief lobbyist for the Texas CU League. The bill is one offive that make up the tax reform plan proposed by the Texas TaxReform Commission. These bills, if enacted into law, couldultimately shift the way Texas funds public schools. The SenateFinance Committee will consider the House-passed version of the taxbill in the next few days. The state legislation is in the secondweek of a 30-day special session aimed at resolving the taxissue.
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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