WASHINGTON - (03/01/05) -- While they skirmish back-and-forthover the credit union tax exemption, there's one thing the banksand the credit unions have been fighting for side by side now foralmost a decade--that's bankruptcy reform legislation. Throughthick and thin, the coalition of creditor groups, including theAmerican Bankers Association, VISA and MasterCard cardassociations, MBNA Corp., and auto makers Ford, General Motors andDaimlerChrysler have teamed with CUNA to form one of the mostpowerful lobbies on Capitol Hill. The group has poured more than$50 million into congressional campaigns and spent a like amount tolobby Congress since the introduction of the bankruptcy bill in1996, according to Federal Election Commission records. CUNA, whichstarted off as the weak sister in the group, has come to exceed allof those interests, in terms of campaign contributions, donatingalmost $3 million to congressional campaigns in the last elections.Among the other top contributors among the consumer bankruptcycoalition are: the ABA ($2.5 million); MBNA ($1.8 million); SallieMae ($1.2 million); HSBC ($800,000); American Express($600,000).
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A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
July 1 - Yahoo Finance Feed
Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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The Senate passed President Trump's tax and spending bill Tuesday, but questions around Consumer Financial Protection Bureau funding, 1071 delay and remittance taxes remain as GOP leaders scramble to pass the bill out of the House before Trump's July 4 deadline.
July 1