WASHINGTON – A life-sized mannequin wearing a raincoat and boots and toting an umbrella stands in the lobby of the federal office building at 1111 Constitution Ave. as a reminder of the day last summer when the IRS headquarters and the main branch of IR FCU were flooded by torrential rains that soaked the basement and shut down the branch. Two days of heavy rain in the Washington area last June 24th and 25th left as much as 25 feet of water in the basement and sub-basement at IRS headquarters, forcing a closure of the building until this week while furniture, equipment, carpeting and drywall were all replaced. Along with IRS headquarters, the branch was reopened yesterday, celebrating a new name for the $220 million credit union, FedChoice FCU, and a new TIP charter, allowing it to serve some 250,000 federal employees in the Washington corridor, stretching all the way to Baltimore and Philadelphia. “We are thrilled to be home again, this time on dry ground,” exclaimed Karen Sandor, executive vice president of FedChoice. “We’re looking for a flood, but this time we hope it will be a flood of new members.”
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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 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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