WASHINGTON -- CUNA reported Friday it is spending $107,057 on TV and radio ads over the next week to support former Chamber of Commerce Vice President Jeff Crank in next week's Republican primary for the state's Fifth Congressional District House seat. Crank is a long-time staffer for Rep. Joel Hefley, who is retiring from the Fifth District seat this year. The ads were produced by Greener and Hook of Arlington, Va. CUNA also said it paid $29,099 for a third direct mailing boosting embattled Sen. Joe Lieberman, who is facing a tough challenge in the August 8 Democratic primary by anti-war candidate Ned Lamont. CUNA spent $87,297 on three mailings last week for Lieberman, a staunch credit union supporter.
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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.
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