SAVANNAH, Ga. - (11/01/04) -- The credit union lobby is going towork trying to save a newly-developed Congressional ally, freshmanMax Burns. Burns, a long-time member of Core CU, was elected to theHouse with credit union help in 2002, and has been targeted as themost vulnerable House Republican incumbent in Tuesday's election.Credit union volunteers have been working for Burns, who haspledged to support the credit union tax exemption, in Savannah,Augusta, Athens and Statesboro, according to Cindy Connelly, chieflobbyist for the Georgia CU Affiliates. The race, which pits Burnsagainst Democrat John Barrow, is expected to come down to a fewvotes, according to Connelly. The Georgia league has also providedfinancial contributions to Republican Rep. Johnny Isakson in hisrace to succeed retiring Sen. Zell Miller. Credit unions are alsobacking newcomer Republican Tom Price in the race for Isakson'ssixth district House seat.
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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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