WASHINGTON - (06/22/05) -- Key members of the Senate BankingCommittee made it clear Tuesday that efforts to pass a regulatoryrelief bill won't go very far until regulators get more input fromconsumers on the process. Sen. Paul Sarbanes, D-Md., the rankingDemocrat on the panel, told banking regulators he was dismayed therecommendations endorsed by the federal agencies were drafted inconcert with industry representatives with little input fromconsumers. "Well, I have to tell you, I think there's a problemhere," said Sarbanes. "Clearly, these consumer groups have a roleto play." Sen. Michael Crapo, R-Idaho, who is drafting theregulatory relief bill in the Senate, agreed, telling theregulators they need to listen to the consumer groups when makingtheir recommendations. The senators remarks came before consumergroups urged them to reject the banks' requests to roll-backconsumer protections on the three-day rescission period formortgages, truth in lending disclosures and other measures, in thename of regulatory relief. Attendance by committee members wassparse, with Sen. Richard Shelby, chairman of the committee, absentbecause of other Senate business.
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
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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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In a letter to Treasury Secretary Janet Yellen last week, the Massachusetts senator highlighted the growing use of cryptocurrencies by malicious organizations abroad and underscored the need for anti-money-laundering and counterterrorism provisions in future proposals.
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