WASHINGTON - (05/06/05) -- The credit union regulatory reliefinitiative--known as CURIA--got a hand from an unexpected sourcethis week--the bankers. A regulatory relief bill for banksintroduced in Congress, which would deliver billions of dollars innew tax breaks for banks, is expected to help the credit unioneffort. "We think it's a real benefit because it clearly enablesmembers of Congress who feel torn between two constituencies tohelp both the banks and credit unions," John McKechnie, chieflobbyist for CUNA, told The Credit Union Journal. Further, saidMcKechnie, it will be difficult for the bankers to lobby againstregulatory relief for credit unions while they are working fortheir own relief package. "If that's their argument, that they needregulatory relief, it will be hard for them to argue that weshouldn't get it too," he added. NAFCU's chief congressionallobbyist Brad Thaler said the bankers' bill could also add momentumto an overall regulatory relief bill for banks and credit unionsexpected to be introduced in Congress any day by encouraging thedivergent interests to support the overall package. CURIA--for CURegulatory Improvements Act--is expected to be introduced over thenext few weeks and will include 16 provisions, including severaleasing membership restrictions; giving NCUA more authority to setinvestment and loan rules; and establish a risk-based capitalsystem for credit unions.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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Powered by younger, affluent cardholders, American Express saw a 6% increase in billed business during the first quarter, while weak growth still plagues its small-business segment.
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For the better part of the past decade, the Federal Reserve Board in Washington has played a more active role in presidential searches by regional reserve banks. The shift seems to have made the system more diverse, but some argue it's at the expense of regional bank independence.
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Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
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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.
April 18 -
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.
April 18