WASHINGTON - (03/13/06) A group of 32 Democrats in theHouse called on the FDIC Friday to reject the controversialapplication from retail giant Wal-Mart Stores for an industrialbank charter. The group, which would normally hold little swaybecause both the House and Senate are controlled by Republicans,may have more influence with the FDIC because its new chairman isMartin Gruenberg, former top Democratic staffer at the SenateBanking Committee. The group said it is worried that Wal-Mart willadopt predatory pricing, as it is charged with doing in retailing,to threaten community banks and credit unions. This not onlythreatens community banks and credit unions but national bankinginstitutions as well, they said.
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The first-quarter increase stemmed from higher interest rates, partial charge-offs and certain problem loans, many involving commercial real estate, executives at the Dallas bank 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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Tests of models from OpenAI, Google and others found their advice tends to disadvantage names commonly associated with racial minorities and women.
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