SAN DIEGO - (06/07/06) Republicans held on to thestates 50th House seat Tuesday night with creditunion-backed Republican candidate Brian Bilbray narrowly winning arace widely touted as a key indicator of Novembers mid-termcongressional elections. Bilbray, a long-time credit union allyuntil his defeat in the 2000 elections, won almost 50% of the votein this heavily Republican district that had long been held byRandy Duke Cunningham, the disgraced congressman whowas sentenced to prison three months ago for his federal convictionon corruption charges. Bilbray's opponent, Democrat Francine Busby,a local school board member who lost to Cunningham in 2004, won 45%of Tuesday's vote. Observers saw the race as an early indicator ofthe electoral mood, five months before the national elections, witha record $25 million poured into it from both Republicans andDemocrats. Virtually all of the credit union money in the race wentto Bilbray,with CUNA contributing the maximum $15,000 (an extra$5,000 because it was a special election); and area credit unionsFirst Future CU ($3,250); Orange County Teachers FCU ($1,000);Wescom CU ($1,000), as well as North Island CU CEO Michael Maslak($1,000); Mission FCU CEO Ron Martin ($500); Evangelical ChristianCU CEO Mark Holbrook ($2,000); First Future CEO Marla Sheppard($1,250); San Diego County CU CEO Rod Calvo ($1,000) and Point LomaCU CEO Ted Dennis ($2,000), all contributing to Bilbrayscampaign. He was a strong credit union friend when he was inCongress before, Trey Hawkins, political coordinator forCUNA, told The Credit Union Journal. The Republican Party thoughtso much of the race that they poured more than $10 million into itin the final six weeks, according to records filed with the FederalElections Commission. Now Bilbray and Busby are expected toface-off again in the fall for a full two-year term for the Houseseat.
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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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