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News Now

Washington
Inside Washington (03/19/2009)
* WASHINGTON (3/20/09)--The House Thursday approved legislation to get back the bonus money paid to bankers whose employers received money from the government. The move was in response to American International Group’s $165 million bonus package (American Banker March 19). The legislation would apply to companies who received $5 billion or more from the Troubled Asset Relief Program (TARP). It would tax bonuses given after Jan. 1 at 90%. Firms receiving more than $5 billion from TARP include GMAC, PNC Financial Corp., U.S. Bancorp, Goldman Sachs, Morgan Stanley, Wells Fargo, JPMorgan Chase and Co., Bank of America, and Citigroup ... * WASHINGTON (3/20/09)--Ohio Credit Union League President Paul Mercer and Vice President of Governmental Affairs John Florian are in Washington, D.C., this week to advocate for Ohio credit unions as Congress examines issues affecting credit unions including mortgage cramdown, community reinvestment, overdraft protection and member business lending. The league visited with Reps. Steve Driehaus (D-Cincinnati); Jim Jordan (R-Urbana); Mary Jo Kilroy (D-Columbus); Zach Space (D-Dover); Betty Sutton (D-Chardon); Charlie Wilson (D-St. Clairsville); and Sen. Sherrod Brown (D-Cleveland). Also, Doug Fecher, CEO of Wright-Patt CU, Fairborn, Ohio, was scheduled to testify before a subcommittee of the U.S. House Committee on Financial Services Thursday on abusive credit card practices ...


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