OLYMPIA, Wash. -- The State Supreme Court issued a ruling that will allow credit unions to allow attorneys in Washington to house their trust accounts at credit unions, the court announced Monday. The ruling comes after the Washington State Bar Association proposed eliminating credit unions from the list of financial institutions where attorneys could house their Interest on Lawyers Trust Accounts, because of concerns over the deposit insurance coverage on those accounts. But several state chartered credit unions, including Boeing Employees CU, called on the state High Court to allow attorneys to house their trust accounts with credit unions. As a result, credit unions are now included in the list of financial institutions attorneys may use to house their trust accounts.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
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The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
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