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WASHINGTON -- Sen. Bob Corker said today before Senate Banking Committee Chairman Christopher Dodd decided to introduce his own bill, he and Dodd had reached an agreement that the new consumer regulatory entity would be housed in the Federal Reserve.

Addison Avenue FCU of Palo Alto, Calif. and First Tech CU, of Beaverton, Ore., are planning a consolidation this summer creating a $5 billion institution using the First Tech name.

The retiring president/CEO of the soon-to-be-merged First Tech Credit Union in Oregon demurred whether peer CUs across the nation might also be looking at mega matchups.

Senate Banking Committee Chairman Christopher Dodd (D-Conn.) said today that he will unveil his own legislation on revamping the regulation of financial services on Monday and his panel will mark up the bill the following week.

Another banking crisis possibly triggered by commercial real estate valuations and bank defaults and failures may do even more damage to credit access for small businesses.

U.S. District Judge Inge Johnson advanced U.S. Central Federal Credit Union's fraud securities suit into discovery phase on March 2 when she denied the so-called "director defendants" motion to dismiss.