Representatives of New York's credit unions visited 60 Senate and Assembly offices at the statehouse as part of a state "Hike the Hill" effort. "Unless we're educating our legislators we're always going to be fighting an uphill battle," said New York league CEO William Mellin.
The OCC had hit James Strother and other executives with civil charges a year ago in connection with the bank's phony-accounts scandal. His monetary penalty is lower than what the agency had first floated.
Federal relief efforts have minimized loan losses so far, but risks remain in credit card, auto and business lending. Many borrowers will need another lifeline to stay afloat until the economy rebounds, CEO Jamie Dimon says.
The California Democrat known for sharp questioning of executives was turned down for a waiver to serve on the Financial Services Committee by Speaker Nancy Pelosi, D-Calif., The Hill reported Thursday.