PALATINE, Ill. - (10/22/04) -- Credit union employees will be seenwalking the neighborhood on the final days of the campaign forembattled Rep. Phil Crane, the longest-serving Republican inCongress and a staunch credit union-defender, currently in a closerace for his 19th term in the House. "The Crane race is the bigone," said Don Edwards, chief lobbyist for the Illinois CU League.Ewards noted Crane was one of a half-dozen members of thetax-writing House Ways and Means Committee to sign a letter to thePresident earlier this year endorsing the credit union taxexemption, and remembered Crane's support for the exemptionextending back for decades. "I've got a letter from him going backto 1990 supporting us on the tax issue when Bush senior wanted totax us," Edwards told The Credit Union Journal. The league hasprovided 500,000 newsletter-stuffers for eight credit unions inCrane's district explaining the senior Congressman's long-timebacking for credit unions. Crane is reported to have a narrow leadgoing into election day over Democrat Melissa Beane, who he handilybeat in 2002.
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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.
April 18 -
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.
April 18 -
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