PALATINE, Ill. - (11/03/04) -- In one of the biggest upsets inTuesday's congressional races, Rep. Phil Crane, the longest servingRepublican in the House and a leading champion of the credit taxexemption, narrowly lost his bid for a 19th term. Crane, one of sixmembers of the tax-writing House Ways and Means Committee to send aletter to President Bush this year supporting the exemption, wasdefeated 51-to-49 by high tech business consultant Melissa Beane,despite the best efforts of the credit union lobby. "He was a realadvocate for us," CUNA's Chief Lobbyist John McKechnie, told TheCredit Union Journal last night. "That's one of the reasons we tooksuch extraordinary measures on his behalf." Maximum allowablecampaign contributions by CUNA to Crane were topped off the lastseven days of the campaign with an independent $80,000 cable TV adcampaign financed by CUNA urging voters to return the 73-year-oldlawmaker to the House. Crane's support for the tax exemption goesall the way back to 1990 when he fought President George H.W.Bush's proposal to repeal the exemption.
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The top five banks and thrifts have combined total assets of nearly $13 trillion.
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A new Citizens Bank survey suggests rising check-fraud incidents are driving middle-market companies to accelerate plans to fully adopt digital payments. But 70% of all businesses will continue to rely on checks for years to come, according to recent data from the Association for Financial Professionals.
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The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
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Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.
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