WASHINGTON - (11/03/05) -- Thursday's landmark hearings bycongressional tax-writers on the credit union tax exemption willmark the return of an old credit union figure to center stage. Agroup of community activists is expected to testify for a CommunityReinvestment Act-like law for credit unions and along side themwill be former NCUA Chairman Norman D'Amours. D'Amours' own bid toapply a bank-like community reinvestment rule to credit unions wasoverturned at NCUA after heated lobbying against it by the creditunions. The appearance of the former NCUA Chairman comes as creditunion representatives will be trying to convince the congressionaltax-writers that credit unions continue to fulfill their originalmission of serving the underserved. D'Amours, who served as NCUAChairman until January 2001, spoke recently to numerous groups,including the banks, of his belief that credit unions should have acommunity reinvestment requirement in exchange for the taxexemption. D'Amours testimony will be weighed against testimony ofrepresentatives for the credit unions, for the banks and thegovernment. D'Amours could not be reached for commentWednesday.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
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Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
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