NEW YORK - (09/02/04) Credit union officials andlobbyists were served lunch and a breathtaking view of Manhattanfrom the 51st-story penthouse at the Olympic Towers during aWednesday afternoon reception sponsored by CUNA and the TennesseeCU League for Tennessee delegates and lawmakers. Eddie Hayes,chairman of the board of Leaders CU, Jackson, Tenn., said he flewin to New York for one day with several other Tennessee creditunion representatives to show the credit union flag. We feltit was important to come up and keep the people who are in ourdelegation abreast of whats going on with credit unions.Staying in touch with these people is very important, Hayestold The Credit Union Journal, overlooking a breathtaking view ofManhattans skyline. Joining Hayes were Todd Swims, presidentof Leaders CU, Jackson, Tenn.; Stephen Coles, president, EducatorsCU, Nashville, Tenn.; Ray Holt, president of Memphis Area TeachersCU, and Tom Gaines, president of the Tennessee league, DavidWilson, chief lobbyist for the league, and several other leagueofficials, as well as representatives from CUNA.
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.
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The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
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The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.
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