SIOUX FALLS, S.D. - (11/04/04) -- The Republican Party scored itsbiggest victory in congressional races Tuesday with the defeat ofDemocrat Tom Daschle, the Senate Minority Leader, who was targetedby the GOP for his obstruction of the Republican agenda in theSenate. But Daschle, who narrowly lost to former Congressman JohnThune, was one of the biggest credit union supporters in theSenate, helping to push through HR 1151, the CU Membership AccessAct of 1998, and leading the charge on bankruptcy reform. "Seeinghim leave the Senate is a loss of a friend," NAFCU lobbyist BradThaler told The Credit Union Journal. "Senator Daschle," said JohnMcKechnie, chief lobbyist for CUNA, "had been a friend of creditunions and the (South Dakota) league had been close to him datingall the way back to 1978, when he was in the House." Daschle isexpected to be succeeded as Democratic leader in the Senate byHarry Reid of Nevada, who has less of a record on credit unionissues.
-
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.
7h ago -
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.
8h ago -
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.
8h ago -
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.
9h ago -
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.
10h ago -
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.
11h ago