WASHINGTON - (12/14/05) Though Congress has much on its plate,don't expect to see much of it get done before the year is out,according to both CUNA and NAFCU. The last of the appropriationsbills will take the front burner as they must be finished beforeCongress adjourns for the year, but other bills, includingHurricane Katrina relief, likely will wait for next year, bothtrade groups suggested. "There has been some talk about coming backnext week, but that's usually just an empty threat to get Membersof Congress back on the stick to finish up on things like the taxand budget reconciliation so they don't have to come back nextweek. Everyone wants to get out of here," said CUNA's JohnHildreth, who noted there are no provisions in either of thesebills-both the House and Senate versions-to tax credit unions.While adding any new provisions that haven't been debated ordiscussed before when a bill goes to Conference-where differencesbetween House and Senate versions are ironed out-is extremely rare,it could happen, so CUNA is keeping a close watch on it, hesaid.
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The Federal Reserve authorized a bid by Morgan Stanley to incorporate its German investment bank under its U.S. bank subsidiary. Three Biden nominees on the Fed board dissented, citing concerns that the move could heighten risks for the U.S.-based investment banking giant.
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In three separate appearances Thursday, Fed Gov. Lisa Cook, Gov. Michael Barr and Vice Chair Philip Jefferson said they are worried that U.S. involvement in the war with Iran could drive up inflation, leading them to conclude that interest rates should remain steady in the near term.
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Federal Reserve Gov. Stephen Miran on Thursday detailed a plan to reduce the central bank's balance sheet, saying a smaller footprint would reinforce policy boundaries but could also bring more market volatility.
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The Canadian bank laid out its rationale Thursday for opening new branches in California. The objective is to increase density in the Golden State, and subsequently achieve greater market share and higher returns.
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The legislation would grant the Consumer Financial Protection Bureau, among other agencies, more oversight of airline-branded credit cards and rewards schemes.
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PayPal, Stripe, Visa and Mastercard must be vigilant against offboarding clients for political or religious reasons, the Federal Trade Commission warned Thursday.
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