WASHINGTON - (08/27/04) -- Credit union executives and tradegroups have come forward to support their most loyal lawmakers, aswell as those in positions of power. Federal Election Commissiondata reviewed by The Credit Union Journal shows that Rep. Ed Royce,the California Republican who helped draft the CU RegulatoryImprovement Act, or CURIA, is the biggest recipient of credit unioncampaign contributions, receiving a total of $45,000, $25,000 of itfrom credit union executives and $20,000 from political actioncommittees for credit unions. Tied for second with $20,500 incredit union contributions, are Rep. Brad Sherman, D-Calif., who isleading efforts to allow credit unions to raise secondary capital,and Ohio Rep. Michael Oxley, the chairman of the House FinancialServices Committee. Next is Rep. Paul Kanjorski, D-Pa., the chiefsponsor of HR 1151 ($19,500); then Spencer Bachus, R-Ala., thechairman of the Financial Service's Subcommittee on FinancialInstitutions ($18,000).
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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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