WASHINGTON - (07/21/04) -- In what amounts to a dress rehearsalfor next year, credit union representatives called on CongressTuesday for their support for more than a dozen regulatory reliefprovisions included in the CU Regulatory Improvements Act, known asCURIA. But Rep. Spencer Bachus, the Republican chairman of theFinancial Institutions Subcommittee of the Financial ServicesCommittee, said during a hearing on the bill it is too late in thecongressional session to pass the measure this year and the purposeof yesterday's hearing was to set the stage for next year. A morecomprehensive regulatory relief package that includes bank andS&L provisions, is also likely to die at the end of thisCongress, observers said. During yesterday's hearing NCUA ChairmanJoAnn Johnson asked lawmakers to act on at least one pressingconcern, a pending accounting rule that will bar credit unions fromaggregating capital after mergers, thereby acting as a disincentivefor combinations. Johnson said it is important for Congress to actbefore the Jan. 1, 2006 effective date of the new accounting rule.Johnson also asked Congress to give NCUA legal authority overthird-party vendors that play a growing role in the operations ofcredit unions. Also testifying before the panel wererepresentatives from NASCUS, CUNA and NAFCU.
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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 first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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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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