MADISON, Wis. - (08/05/04) -- The Office and Profession EmployeesInternational Union has filed a new civil complaint with theNational Labor Relations Board over the actions of ousted CUNAMutual Group CEO Michael Kitchen and has asked federal authoritiesto investigate. "There is a provision in labor law that makes it acriminal offense to give money or anything of value to any employeeinvolved in a labor matter," asserted Kurt Kobelt, a Madisonattorney representing the local 39 of the OPEIU. Kobelt told TheCredit Union Journal the union has filed an unfair labor practicecharge against CUNA Mutual for the incident which cost Kitchen hisjob earlier this week in which Kitchen admitted to offering $1,000to an employee group to help them hire a well-known firm thathelped in the decertification of the union at CUNA CU two yearsago. "In our view, this is a violation of the criminal statute,"said Kobelt. While civil remedies brought under the National LaborRelations Act would be minor and would affect the company, acriminal action would be more severe and could be brought againstKitchen, personally, Kobelt said. Officials at the U.S. Attorney'soffice in Madison, which was contacted by the union, would notcomment on the case.
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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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