Fifth Third spent $25K lobbying government in 1Q (AP)
Thu, 4 Jun 2009 16:12:28 Etc/GMT
Cincinnati-based Fifth Third lobbied Congress on a measure that would have allowed judges to ease terms of mortgage loans for homeowners in bankruptcy proceedings, which was a high priority of consumer groups. The bill was defeated in the Senate in late April.
Fifth Third also lobbied in the January-March period on legislation imposing sweeping new restrictions on the credit card industry, according to the disclosure report filed April 27 with the House clerk's office. The restrictions include a requirement that consumers receive at least 45 days' notice before their interest rate is increased and a prohibition against people under 21 getting credit cards.
The bill was enacted by Congress and signed into law by President Barack Obama last month.
Fifth Third spent $20,000 lobbying the government in the each quarter last year, according to its disclosure reports.
After the government's "stress test" for the country's biggest banks early last month, Fifth Third was ordered to raise $1.1 billion in new capital to cover any potential future losses if the economy worsens. The bank announced in late May that it will raise $750 million by issuing new common stock and will offer to convert $1.1 billion in preferred shares into cash and common stock.
source: http://biz.yahoo.com/ap/090604/us_fifth_third_lobbying.html?.v=1