VANCOUVER, British Columbia - (12/14/04) -- VanCity CU said it has agreed to paymembers as much as $2.8 million to compensate them for excessiveoverdraft fees on late checks. The payments represent settlement ofa class action suit, brought by members claiming the $10 overdraftfee amounted to an excessive interest rate. In addition, the creditunion, Canada's biggest, has changed its overdraft policy, reducingits overdraft fee to $5. So far, at least 2,500 members have calledin to a call center set up by the credit union to fieldclaims.
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A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
July 1 - Yahoo Finance Feed
Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
July 1 -
The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
July 1 -
The Senate passed President Trump's tax and spending bill Tuesday, but questions around Consumer Financial Protection Bureau funding, 1071 delay and remittance taxes remain as GOP leaders scramble to pass the bill out of the House before Trump's July 4 deadline.
July 1