BECU is expanding into small business services. The $4.6-billion credit union is defining small business as those with up to $10 million in annual sales and up to 100 employees. BECU began offering small business services at two of its 20 Credit Union Express Service Center locations, with a rollout across all its branches to follow by the end of this year. The credit union plans to offer small business services at all BECU locations by the end of 2004. "This is uncharted territory for the credit union, and we want to make sure we provide the highest quality service," said Arnie Gunderson, director of small business services at BECU. "We're planning to concentrate on serving our existing members who are small business owners before making a broader announcement to the general marketplace."
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The Cincinnati, Ohio-based bank delivered third quarter earnings that mostly met expectations, even as it took a $200 million blow to credit.
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The Charlotte, North Carolina-based bank reported net income of $1.45 billion for the third quarter and earnings per share of $1.04, which beat analysts' forecast of $0.99 per share.
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Earlier in the day, Fed Gov. Stephen Miran chastised the Fed for wading into politics under the Biden administration, as he currently takes unpaid leave from President Donald Trump's top advisory council.
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CEO Chris Gorman applauded what he sees as a transformation of bank regulation since President Trump took office. He described a shift from layers of exams and documentation to a streamlined focus on liquidity, capital and earnings.
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Zions Bancorp. is among the latest banks to report material losses due to alleged borrower fraud. Stocks of regional lenders plunged on Thursday.
October 16 -
Merchants alleged the major card networks illegally conspired to shift fraud liability onto them with the adoption of EMV chip technology.
October 16