WASHINGTON - (05/05/06) A bill introduced in CongressTuesday seeks to ensure net neutrality by preventingtelecommunications operators and broadband providers from creatinga tiered system of premium services, which could boost costs forfinancial service providers and other premium users of Internetservices. The Network Neutrality Act, sponsored by Rep. EdwardMarkey, the ranking Democrat on the House Commerce Committee, wouldalso bar telecom companies and cable operators from favoring oneproviders Web traffic or their own content overanothers by ensuring faster downloads to companies that payhigher fees. Net neutrality has become a stealth issue on CapitolHill, and especially among financial services providers who worrythat telecom companies could start charging higher fees forunlimited access to high-speed Internet services, like thoserequired for online transactions. A broad coalition of techcompanies, like eBay, Google, Yahoo and Amazon.com, as well asadvocacy groups and consumer organizations have expressed some ofthe concerns addressed by Markey in his bill, such as thepossibility of a tiered system. But telecom companies, likeAT&T, Bell South and Verizon, maintain that legislation isunnecessary and would compromise the quality of service. They arguethey should be able to charge higher fees to companies who wantfaster service, especially for VoIP, or voice over internetprotocol, or TV over Internet. A coalition of financial companiesis trying to bring the issue to the attention of the HouseFinancial Services Committee and Senate Banking Committee to ensurethat their interests are protected.
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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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