Coastland FCU has borrowed $2-million at 0% APR from Louisiana Corporate's Disaster Loan Program to rebuild operations and restore liquidity following substantial withdrawals by members hit by hurricane Katrina. "We feel that as soon as the insurance companies start paying, our members will get money back into their accounts," said CFCU CEO Emmet Foxworth. Coastland FCU is attempting to return to its Metairie, La. offices and currently operating out of a back-up site in Houston. LaCorp, which is also homeless and operating out of U.S. Central's facilities in Kansas, is funding the disaster loans in part with deposits made by new associate members, including Arizona FCU, Atlantic Financial FCU, Electrus FCU, Hutchinson CU, Kinecta FCU, Market USA FCU, Money One FCU, Star One CU and Tyndall FCU, as well as CNBS. To date more the associate members have deposited more than $12 million.
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The FDIC Board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
14m ago -
The state's Comptroller of Public Accounts is one of several notable non-depositories with access to the Fed's payments system, along with the Chicago Mercantile Exchange and the Tennessee Valley Authority. So why do they have accounts while some neobanks don't?
20m ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
21m ago -
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
3h ago -
The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
April 24 -
The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
April 24