LANSING, Mich. - (10/18/04) -- It didn't take long for the MichiganCU League to make amends with congressional favorite John Schwarzfor endorsing Schwarz's primary opponent Clark Bisbee. Officialswith the league met with Schwarz soon after the Republican primaryto explain their support for Bisbee, chief House sponsor of lastyear's credit union reform bill, and walked away with Schwarz'spledge to support the credit union tax exemption and an agreementto work together if Schwarz wins election in this heavilyRepublican district, according to Patrick LaPine, chief lobbyistfor the league. "Lucky for us, we felt all along if John Schwarzended up winning we could work with him," LaPine told The CreditUnion Journal. The political fence-mending was reminiscent of theleague's 2002 make-up with Rep. John Dingell, after the league wasforced to support Dingell's primary opponent Lynn Rivers in theprimary because of her superior record on credit union issues.Schwarz is widely expected to win the state's seventh districtHouse seat, where Republican Nick Smith is retiring after sixterms.
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Two former members of the Federal Open Market Committee said in interviews that they expect the Federal Reserve to keep rates steady amid uncertainty over the ongoing war with Iran and the resulting upward pressure on inflation.
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Goldman Sachs Chief Legal Officer Kathryn Ruemmler received an 11% pay hike last year, bringing her total compensation to $25 million; U.S. Bank promoted Toby Clements to chief operations officer; Klarna is expanding its forward-flow and whole-loan sale deal with Elliot Investment Management to $2 billion; and more in this week's banking news roundup.
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Carter Bankshares in Martinsville, Va., sold more than $200 million of loans made to companies controlled by Sen. Jim Justice and his family, closing out a once close relationship that later descended into rancor and litigation.
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The Federal Deposit Insurance Corp.'s Office of Inspector General said in a Thursday report that staffing cuts over the past year could strain supervision and the agency's response to a crisis.
March 27 -
The latest rise in property tax collections at the end of last year continued a nine-quarter streak of increases, according to the National Association of Home Builders.
March 27 -
American Banker data finds that regulatory clarity is the top ask from executives holding back on adoption planning.
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