WASHINGTON - (04/14/06) Just three months after hechanged sides in the bank-credit union wars, new NAFCU lobbyist DanBerger is working to kill an anti-credit union bill he helped draftfor the banking lobby. Berger, who came to NAFCU in January fromAmericas Community Bankers, is lobbying Rep. PatrickMcHenry, R-N.C., and other lawmakers against McHenrys billto strip NCUA of much of its power over credit union conversions tomutual savings banks. The involvement of Berger on the credit unionside has confused lobbying over the bill, which Berger helped draftlast year while working for ACB, the trade association for mutualsavings banks. Confusing the issue even more is an April 4 campaignfundraiser at Washingtons Capitol Grille Berger and NAFCUand ACB sponsored for McHenry, who has emerged as a potentialtarget for credit unions in this years congressionalelections. ACB has been pushing for hearings on the bill just asthe controversy over DFCU Financial, the largest credit unionconversion ever to mutual savings bank, is heating up. Berger saidhe knows where McHenry stands with some credit unions, but isworking to maintain a relationship with the chief sponsor of thisimportant bill. We want the dialogue to continue. Youcant have input on a bill if you write off a member ofCongress, Berger told The Credit Union Journal. NAFCUPresident Fred Becker emphasized the need to work with allcongressmen, even perceived opponents like McHenry. Itdoesnt mean you slam the door on the guys nose andmake an enemy forever, said Becker of McHenrysanti-credit union bill. In my view, you would beill-advised to do that with any member of Congress. TheHouse Financial Services Committee has scheduled hearings onMcHenrys conversions bill for next month, halfway throughthe 90-day member vote on DFCU Financial.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
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Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
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