LAS VEGAS - (12/12/05) -- Credit unions were warned by oneanalyst that mortgage rates over the next three years could tipsharply upward should problems develop in the secondary market. TimLerew, who heads up an Elizabeth, Colo.-based financial institutionconsultancy and who is well known to many within credit unions,said that by year-end 2008 all financial institutions may bestruggling to recover from a crisis at Fannie Mae and Freddie Macthat triggers 30-year fixed mortgage rates above 9%. The resultwill be that credit unions must have a strong home equity productin place, Lerew told board members at the CUES Directors Conferencehere. Lerew said he is also worried over one other potentialcrisis, that terrorists will seek to bring down the U.S. financialsystem by hitting "soft target" branches with attacks, even bydoing things as simple as leaving envelopes filled withpowder.
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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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The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.
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