NEW YORK - (09/03/04) -- NAFCU lobbyists spent Thursdayafternoon at a luncheon for Alabama Congressman Spencer Bachus, atleast the fourth reception for the chairman of the FinancialServices Subcommittee on Financial Institutions attended by NAFCUduring the Republican National Convention. Bachus was joined againby fellow Alabaman Richard Shelby, chairman of the Senate BankingCommittee, another critical credit union friend on Capital Hill."We had a good opportunity to talk with Chairman Shelby about theBanking Committee agenda for the rest of the year and talked abouthow there's not much time to get anything major done this year. Hethanked NAFCU for its presence at the Convention and the differentevents this wee," NAFCU lobbyist Brad Thaler told The Credit UnionJournal. The two lawmakers will be critical in pending credit unionlegislation, especially efforts for regulatory relief.
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The top five banks and thrifts had combined assets of more than $13 trillion as of December 31, 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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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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