WASHINGTON - (11/04/05) -- The head of the congressionaltax-writing committee insisted Thursday that hearings to review thecredit union tax exemption were exploratory in nature and he has noplans for legislation that would repeal the exemption. "We're justasking questions," Rep. Bill Thomas told The Credit Union Journal,during a break in Thursday's hearing. "This is just a series ofhearings to determine whether tax exempt organizations continue todeserve their tax exemption." The California Republican said he hasno plans for any legislation to repeal the credit union taxexemption, even for large diversified credit unions, as the bankersasked him to do. "No, I don't think you should remove thetax-exempt status," said Thomas at the conclusion of the hearing."But I won't put a period there." Still, Thursday's hearing comesat a perilous time for credit unions as Congress is digging underevery rock and tax exemption to try to cope with a massive federalbudget deficit.
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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 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.
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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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