ALBANY, N.Y. - (10/21/04) -- The retirement of two long-timemembers of Congress has provided an opportunity to add to thepro-credit union lobby in the House. Both Republican Nancy Naples,vying to succeed six-term incumbent Jack Quinn, R-Buffalo, andRepublican Randy Kohl, running for the seat of Armory Houghton,R-Ithaca, retiring after nine terms, have taken the pledge tosupport the credit union tax exemption, according to Amy Kramer,chief lobbyist for the New York CU League. "That's really the bigone (issue)," Kramer told The Credit Union Journal, of the league'ssupport for Naples, a Erie County comptroller and a member of ErieCounty Employees FCU. Kohl, a state senator and former member ofthe Senate Banking Committee, is also a long-time credit unionally. The league has run profiles of both candidates in itsfull-color quarterly Connection Magazine detailing their stances onthe issues.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
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Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
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