WASHINGTON - (06/22/06) Members of the Senate BankingCommittee have agreed to add at least one more credit unionprovision to a scaled-back version of the regulatory relief billbefore they send the bill back to the House Financial ServicesCommittee for its additions, according to sources on Capitol Hill.The senators have apparently agreed to add the provision to allowmore than 200 privately insured credit unions to join the FederalHome Loan Bank system, a priority of House Financial ServicesChairman Michael Oxley of Ohio, but there appears to be littlechance of other credit union priorities being added to the billwhen it moves back to the House in this game of legislativeping-pong. But CUNA has also expressed its oppositionto a bid to include a provision raising the business loan limitsfor thrifts, just as thrifts and banks are intensifying theirlobbying to restrict business lending for credit unions. CUNAPresident Dan Mica told Senate Banking Committee Chairman RichardShelby the credit union trade group will pull its support from thebill if they include the thrift measure. Dean Sagar, vice presidentof government affairs for CUNA, said they believe it is unfair forthe thrifts to get expanded business lending powers while fightingthe credit union efforts. We told them if you approvethis then well oppose the bill, Sagar told TheCredit Union Journal.
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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.
April 18