WASHINGTON - (11/04/04) -- The credit union lobby weighed in onas many as 35 open House races this elections and it is expected topay dividends for years to come, with new credit union supporterspoised to join the Congress next year. Among the newcomers winningHouse seats with credit union support Tuesday are: Randy Kuhl,R-N.Y., Michael Fitzpatrick, R-Pa., Charles Dent, R-Pa., AllysonSchwartz, D-Pa., Thelma Drake, R-Va., Gwen Moore, D-Wis., ConnieMack, R-Fla., Emanuel Cleaver, D-Mo., Cathy McMorris, D-Wash., RussCarnahan, D-Mo., Dan Boren, D-Okla., Jeff Davis, R-Ky., DavidReichert, R-Wash., Jim Costa, D-Calif., Ken Marchant, R-Texas.Michael Burgess, R-Texas, and Michael McCaul, R-Texas. CUNA's ChiefLobbyist John McKechnie attributed CUNA's support to new candidatesto screening by the state credit union leagues. "The leagues havedone a really good job in cultivating supporters on the state leveland helping to prepare them to go to Congress," he said.
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The volume of home equity lines of credit expanded for the 14th consecutive quarter, driven largely by fintechs and other nonbanks that are accounting for more and more of the business.
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The payment and commerce company's stock fell as much as 12% in afterhours trading on Thursday after the fintech missed Wall Street's earnings estimates, despite posting growth in all lines of business and increasing its full year guidance.
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Federal Reserve Gov. Christopher Waller said there was a popular "misunderstanding" Thursday regarding who can qualify for a "skinny" master account, noting that only firms with a bank charter would qualify for approval.
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The digital neobank is expecting spending to stay strong through current economic conditions, and a new credit card is projected to bring in increased revenue.
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Analysts say the fintech must "grow like a fintech, but be profitable like a bank" as its capital base shrinks to its lowest level to date.
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Comptroller of the Currency Jonathan Gould said Thursday that a proposal to reimagine bank supervisory practices is meant to empower rather than handcuff supervisors by limiting the scope of their examinations.
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