WASHINGTON - (10/28/05) -- Mississippi Gov. Haley Barbour wason Capitol Hill Thursday floating a proposal to compensateuninsured victims of the flooding after Hurricane Katrina, aliability expected to run into tens of billions of dollars inMississippi, Louisiana and Alabama. Barbour was proposing that thefederal government use some of the $50 billion of fundsappropriated immediately after the massive storm and allowgovernors in the three states to cover flood losses for propertyowners in the affected areas, sources familiar with the plan toldThe Credit Union Journal. Barbour told lawmakers his state alonewill need as much as $4 billion to cover losses not covered byflood insurance. Losses in Louisiana are expected to be at least 10times as much. Meantime, Mississippi Congressman Gene Taylor wasscheduled to meet Thursday with Louisiana Rep. Richard Baker to tryand convince senior Republicans to join Taylor's bill to allowuninsured homeowners to but flood insurance retroactively throughthe Federal Emergency Management Agency's National Flood InsuranceProgram. The Democrat's plan has attracted little support so farfrom Republican leaders. Barbour, the former head of the RepublicanNational Committee, was said to be meeting with Republican leadersto lobby for his plan.
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Mastercard launches service to fight instant-payment fraud, EU may green-light Apple's NFC-access plan, and more.
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The top five banks and thrifts had combined assets of more than $13 trillion as of December 31, 2023.
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The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.
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The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
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