WASHINGTON - (09/21/05) -- CUNA made $99,000 in congressionalcampaign contributions last month, most of it targeted at House andSenate leaders, or lawmakers sponsoring credit union-favoredlegislation. The largest contributions in August went to: HouseMajority Leader Tom Delay, R-Texas ($5,000); Senate Majority WhipMitch McConnell, R-Ky. ($5,000); to the Keep Our Majority PAC,operated by House Speaker Dennis Hastert, R-Ill. ($5,000); and theGrowth and Prosperity PAC, operated by Financial ServicesSubcommittee Chairman Spencer Bachus, R-Ala. ($3,000). Alsoreceiving $5,000 contributions were, Rep. Chris Chocola, R-Ind..;Florida State Rep. Nancy Detert, a Republican running for the Houseseat held by Katherine Harris, who is running for the Senate.; andOhio State Rep. Chuck Blasdel, a Republican running for the Houseseat being vacated by Ted Strickland, the Democrat who is runningfor Governor. CUNA also donated $2,000 to the campaign for Rep. JebHensarling, the Texas Republican who drafted the pending regulatoryrelief bill.
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The volume of home equity lines of credit expanded for the 14th consecutive quarter, driven largely by fintechs and other nonbanks that are accounting for more and more of the business.
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The payment and commerce company's stock fell as much as 12% in afterhours trading on Thursday after the fintech missed Wall Street's earnings estimates, despite posting growth in all lines of business and increasing its full year guidance.
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Federal Reserve Gov. Christopher Waller said there was a popular "misunderstanding" Thursday regarding who can qualify for a "skinny" master account, noting that only firms with a bank charter would qualify for approval.
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The digital neobank is expecting spending to stay strong through current economic conditions, and a new credit card is projected to bring in increased revenue.
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Analysts say the fintech must "grow like a fintech, but be profitable like a bank" as its capital base shrinks to its lowest level to date.
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Comptroller of the Currency Jonathan Gould said Thursday that a proposal to reimagine bank supervisory practices is meant to empower rather than handcuff supervisors by limiting the scope of their examinations.
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