WASHINGTON - (03/11/05) -- The Senate ended a week-and-a-halfof debate on the bankruptcy reform bill and voted last night topass the credit union-backed measure, for a fourth time. Expectthis time backers of the bill hope the Senate-passed version of thebill will be quickly adopted by the House and sent on to PresidentBush, who has vowed to sign it into law. "We feel confident thatthat is going to follow," John McKechnie, chief lobbyist, told TheCredit Union Journal last night. The Senate bill, was devoid of anymajor amendments that would give the House pause, he said. Thebill, which died in each of the past four congresses, would createa means test to determine which debtors have enough financial meansto repay some of their debts, preventing them from filing a Chapter7 to erase their obligations, and relegating them to a Chapter 13financial reorganization, instead. The bill would also requirefinancial counseling for all bankruptcy filers and allow creditunions and other to continue to enter into reaffirmation, orvoluntary repayment, agreements on selected debts during thebankruptcy process.
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The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
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A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
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The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
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The efforts, which respond to President Biden's October executive order on AI, aim to improve synthetic content detection and improve the trustworthiness of AI models.
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Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
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In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
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