MADISON, Wis. - (12/28/04) -- CUNA & Affiliates said itsemployees union, the Office and Professional EmployeesInternational Union, Local 39, voted last week to ratify a newlabor contract, which will take effect Jan. 1. The new contractcovers some of the same issues being fought over between the sameunion and CUNA Mutual Group, including a redefinition of the40-hour work week, which requires overtime pay after eight hours ina day. The three-year pact also awards pay raises to unionizedworkers consisting of across-the-board increases and merit raises.The contract covers 60 unionized CUNA employees working in Madison,out of a total of 258 CUNA employees in Madison and Washington.Agreement on the new contract was quick and uncontroversial, incontrast to the ongoing labor strife at CUNA Mutual, where theunion has been without a contract since March 31.
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The Cincinnati, Ohio-based bank delivered third quarter earnings that mostly met expectations, even as it took a $200 million blow to credit.
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The Charlotte, North Carolina-based bank reported net income of $1.45 billion for the third quarter and earnings per share of $1.04, which beat analysts' forecast of $0.99 per share.
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Earlier in the day, Fed Gov. Stephen Miran chastised the Fed for wading into politics under the Biden administration, as he currently takes unpaid leave from President Donald Trump's top advisory council.
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CEO Chris Gorman applauded what he sees as a transformation of bank regulation since President Trump took office. He described a shift from layers of exams and documentation to a streamlined focus on liquidity, capital and earnings.
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Zions Bancorp. is among the latest banks to report material losses due to alleged borrower fraud. Stocks of regional lenders plunged on Thursday.
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Merchants alleged the major card networks illegally conspired to shift fraud liability onto them with the adoption of EMV chip technology.
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