SAN FRANCISCO - (09/28/05) - Even while credit union executivesare digging out from Hurricane Katrina, and now Hurricane Rita, anew problem has emerged: many of the damaged credit unions do nothave flood insurance. "Most of the credit unions in Louisiana andMississippi did not have flood insurance because they were not in aflood plain," said John Franklin, chief operating officer for CUNA,who has been organizing the trade association's emergency reliefefforts. "When the levees broke the damage caused was flooddamage." Franklin, speaking during CUNA Future Forum, said only 18affected credit unions and Louisiana and one in Mississippi hadflood insurance, leaving dozens of institutions that had priorityruined or damaged without coverage.
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For the better part of the past decade, the Federal Reserve Board in Washington has played a more active role in presidential searches by regional reserve banks. The shift seems to have made the system more diverse, but some argue at the expense of regional bank independence.
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Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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