WASHINGTON - (03/07/06) -- Rep. Bill Thomas, a sometime criticof credit unions as chairman of the tax-writing House Ways andMeans Committee, announced he will retire from Congress at the endof his 14th term. Thomas, nearing the end of his term-limited sixthyears as chairman of the taxing panel, incurred the wrath of creditunions when he wondered on several occasions whether credit unionswere earning their federal tax exemption by providing services tomembers of modest means. His inquiry led him to hold unprecedentedhearings on the tax exemption last November where several membersjoined him in questioning whether credit unions were continuing tofulfill their mission of serving members of modest means. ThoughThomas ended the hearings by insisting he does not want to repealthe tax exemption he called on the industry to prove itself and forCongress and regulators to do more to monitor credit union servicesto the underserved.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
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Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
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