WASHINGTON - (01/11/06) The American BankersAssociation asked Congress Tuesday to step into the expandingdispute over credit unions service to the underserved, nowfestering in a federal court in Utah, as well. In a letter to allsenators, the ABA charged that credit unions are using theNCUAs underserved field of membership policy to justifymajor geographic expansions into bankers markets, inviolation of the law passed by Congress in 1998, HR 1151, the CUMembership Access Act. Citing several major underserved expansionsawarded by NCUA the ABA claims is in violation of the law, thebankers urged the Senate to review the credit union tax exemptionand whether credit unions are, in fact, serving lower-income peoplethrough these underserved expansions. The bankers letter comes aweek after CUNA President Dan Mica notified lawmakers of the latestABA suit and called the bankers cynical andhypocritical for challenging the credit unionsunderserved policy while questioning whether credit unions aredoing enough to serve the underserved. The escalating disputepromises that the decades-old credit unions/bank conflict willemerge again in Congress this year, promising to affect keylegislation for both parties.
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The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
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In the inaugural iteration of American Banker's news quiz, test your knowledge on top articles covering the legal battles of the Consumer Financial Protection Bureau, new technology testing at JPMorgan Chase, earnings season and more.
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The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
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The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
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