The two hot-button pieces of federal legislation facing the
financial services sector -- House Resolution 10, The Financial
Modernization Act, and H.R. 1151, the Credit Union Membership Access
Act -- continue to inch forward. Both have the potential to
dramatically reshape the industry. And both have been opposed by
H.R. 10 squeaked by May 13 in a House floor vote, 214-213, and is
awaiting approval from the Senate Banking Committee. Recreated
several times during months of debate, it still faces opposition
the American Bankers Association, on the grounds that it damages the
national charter, inhibits provision of consumer services such as
insurance sales, and adds to the regulatory burden. The bill is
supported by other financial services areas, such as savings and
loans and the securities industry.
H.R. 1151 passed overwhelmingly through the House April 1 in a
411-8 vote and then swept through the Senate Banking Committee April
30 by a vote of 16-2. It is awaiting a Senate floor vote.
President Clinton has vowed his support for this bill, which
effectively nullifies a February U.S. Supreme Court ruling that
credit unions had overstepped their bounds in allowing multiple
membership groups. This bill would legalize a practice used in the
credit union industry since 1982.
Robert Harris, former chief executive officer of the Oklahoma
Bankers Association, has joined the board of Pulse EFT, a not-for-
profit shared regional electronic funds transfer network. Harris
currently serves as president and CEO of the Austin-based Texas
Bankers Association. Also added to the board was Bruce Zimmerman,
exeuctive vice president of retail banking for Chase Bank of Texas
MidFirst Bank has added a new vice president and two assistant
* Bob Horn has been promoted to vice president and director of
corporate deposit and cash management services. Horn joined
MidFirst earlier this year, bringing with him 30 years of cash
management experience with several banks in Oklahoma and Wisconsin.
Since joining MidFirst, he has been responsible for product
development, consulting, sales marketing, and installation of the
bank's non- credit oriented commercial services in Oklahoma.
* Jack Evans, promoted to assistant vice president, will be
responsible for bidding on servicing acquisitions deals. Since
joining MidFirst in 1994, Evans has served as a financial analyst
senior financial analyst in the Servicing Acquisition Department. …