Simply put, Virginia's "taxation" alert is as high as the mercury on a Southside summer day. We are faced with a gaping budget deficit, a credit union field-of-membership case before the Virginia Supreme Court, and a newly issued regulation approving state-chartered credit union service to the "underserved." In addition, Virginia bankers have publicly expressed their disapproval of credit unions' tax exemption. Virginia's CUs remain strongly positioned to defeat a taxation challenge, because they have understood for a long time that legislative and regulatory success is a process, not a singular issue or event. Virginia's credit unions have worked hard to build personal relationships with their lawmakers, to demonstrate the "credit union difference" to their members, communities, and the elected officials who represent them, and to fund a strong and viable PAC to support pro-credit union candidates.
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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