WASHINGTON - (05/04/06) -- Suncoast Schools FCU President TomDorety is expected to tell lawmakers next week that he could haveearned as much as $35 million in stock and other benefits if he hadagreed to convert his $4 billion Tampa, Fla., credit union to amutual savings bank, then stock corporation. Dorety's testimonywill focus on the riches being offered to managers and directors toget them to convert their credit unions. The head of Florida'slargest credit union was told during deliberations that he and histop executives and board members could reap millions of dollars inriches if they converted their credit union, but they spurned theopportunity. Dorety, Truliant FCU President Marcus Schaefer andNCUA Chairman JoAnn Johnson will square off during congressionalhearings on credit union conversions with representatives fromAmerica's Community Bankers, the Office of Thrift Supervision, andthe American Bankers Association's Chairman Harris Simmons. Thepresence of Simmons, CEO of Zions Bancorp and a longtime creditunion critic will add some theater to next weeks hearing.The industry representatives are scheduled to testify next Thursdaybefore the House Financial Services Subcommittee on FinancialInstitutions, which is considering a bill that would ease NCUA'spowers over conversions.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
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The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
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The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
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Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
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Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
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The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
April 25