ONTARIO, Calif. - (09/08/04) -- The CO-OP Network said it willdistribute up to $2.3 million in Triple DES ATM complianceincentives to member credit unions. The one-time distribution is tohelp member credit unions meet the financial industry mandate thatall ATMs use Triple DES (Data Encryption Standard) encryptionsystems by April 29, 2005. Triple DES technology will replace theSingle DES systems currently used by ATMs to protect user PINnumbers from fraudulent activity. Under CO-OP Network's Triple DESCompliance Incentive Program, member credit unions will receive adistribution for each ATM that is certified to be Triple DEScompliant by April 29, 2005.
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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.
April 18 -
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.
April 18 -
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.
April 18 -
Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
April 18 -
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
April 18