WASHINGTON, D.C. - (11/09/04With all signs indicatingbankruptcy reform will have to wait for the 109th Congress, NAFCUand CUNA are working to ensure it is high on the priority list forthe next session. The Republicans have managed to grow its majoritystatus in both the House and Senate and maintain George Bush in thepresidency, but that doesnt mean that the compromises andagreements that have brought this bill so close to passing in thisand previous Congresses will mean quick and smooth sailing in the109th Congress. There are some new players in Congress, sowe will have to wait and see how the issues play out, saidNAFCUs Brad Thaler. Sen. Charles Schumers amendmentensuring that attackers of abortion clinics cannot use bankruptcyto get out of paying fines has proven an effective means ofstalling the bill in the past, Thaler noted, but its unclearwhether that will be the issue this time around. And although theGOP picked up seats in both the House and Senate, the Dems stillhave enough senators on their side of the aisle to filibuster themeasure.
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.
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The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
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The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.
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In a letter to Treasury Secretary Janet Yellen last week, the Massachusetts senator highlighted the growing use of cryptocurrencies by malicious organizations abroad and underscored the need for anti-money-laundering and counterterrorism provisions in future proposals.
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