SALT LAKE CITY - (01/10/05) -- Credit union opponents started thenew legislative session off last week with their much-anticipatedanti-credit union initiative calling on Congress to let the statestax federally chartered credit unions. House Joint Resolution 1,sponsored by House Majority Leader Jeff Alexander, sponsor of theunsuccessful 2003 bid to tax large state chartered credit unions,asks Congress to weigh in on the decades-long fight between creditunions and banks in this state. The resolution is based on ameasure endorsed by the legislature's Financial Institutions TaskForce and urges Congress to 'take appropriate action' regarding theregulation of credit unions; allow individual states to determinewhich state and local taxes should apply to all financialinstitutions within their borders; and provide a 'reasoned'explanation if Congress dcides to keep the current tax structure inplace. Alexander said the intention of the resolution is to haveCongress review NCUA's regulatory activity, especially in light ofthe recent court ruling invalidating the agency's broad communitycharters for four Utah credit unions and to determine whetherstates should be able to govern their own taxing authority. Thenon-binding resolution must be approved by both chambers of thestate legislature.
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At a time of mild or nonexistent loan growth, middle-market borrowers in the Lone Star State are providing a boost to Fifth Third Bancorp and Huntington Bancshares.
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New details have emerged about the negotiations that culminated in Capital One's blockbuster $35 billion agreement to acquire Discover. At one point last December, the two parties broke off discussions, according to a securities filing.
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Truist Financial's top executive leadership team announces departures; First Horizon's chief credit officer is retiring; Ferry teams with Highnote to roll out a new Visa-branded payroll card; and more in the weekly banking news roundup.
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The Dallas-based regional bank tapped a client for its co-pilot capabilities, where employees can message a bot instead of a human to get tech assistance.
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