ONTARIO, Calif. - (11/03/04) -- Robert Rose, who built the CO-OPNetwork into the largest credit union-owned electronic fundstransfer network, has set his retirement for June 2005, the companyannounced Tuesday. Rose took over as president and CEO of thenetwork in 1990 when there were more than two dozen small regionalnetworks serving credit unions. Under Rose, the CO-OP has created anationwide footprint, absorbing seven smaller credit union networkssince 2000 to become the largest credit union-owned network,serving 1,800 credit unions in all 50 states. The only othersurviving credit union network is Credit Union 24, based inTallahassee, Fla. The CO-OP said its board of directors has hiredNew York-based executive search firm, Muller and Associates, tofind a successor to Rose.
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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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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.
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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