WASHINGTON - (03/17/05) -- The House Judiciary Committeerejected almost two dozen amendments to the bankruptcy reform billproposed by Democrats during a marathon drafting session all dayWednesday, then voted to send the credit union-backed measure on tothe full House for expected passage, probably in the first week ofApril. Committee Chairman James Sensenbrenner, R-Wis., insisted atthe start he wanted to pass the same bill passed by the Senate lastweek in order to avoid a potentially contentious House-Senateconference to reconcile separate versions of the bill. "I stronglyencourage all members of this committee to reject all amendments tothis legislation," Sensenbrenner said. John McKechnie, chieflobbyist for CUNA, said passage of identical bills was a strategyagreed to by congressional leaders after the last Congress, whenthe bill got hung up and died in conference. "I think this bearsout the strategy agreed to by the leadership between(congressional) sessions," McKechnie told The Credit UnionJournal.
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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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