SALT LAKE CITY - (12/02/04) -- The chief sponsor of theunsuccessful 2002 bid to tax state chartered credit unions said hewill push legislation calling on Congress to repeal the exemptionon state taxes for federally chartered credit unions. State Rep.Jeff Alexander, told The Credit Union Journal, he will sponsor aresolution, endorsed Tuesday by the state's Financial InstitutionsTask Force, urging Congress to reform NCUA and to allow states toassess sales and other taxes on all credit unions. Alexander andother advocates of the 2002 tax bill were frustrated when thelargest state credit unions--including giants America First CU andMountain America--escaped their tax initiative by converting to thetax-exempt shield of the federal charter. That move, along with theconversions of at least 10 other state charters here, has angeredmany lawmakers because it deprived the state of millions of dollarsin sales taxes, supervisory fees and other revenues.
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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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