WASHINGTON - (09/09/05) -- Lawmakers are already draftinglegislation that would provide broad financial relief for victimsof Hurricane Katrina. Among the major concerns expressed this weekis the need to prop up confidence in small institutions damaged bythe massive storm and its aftermath, prompting several lawmakers tosuggest a temporary increase in federal deposit insurance todissuade depositors from removing large deposits from affectedbanks and credit unions. Sources told The Credit Union Journal thatdrafts of legislation being circulated this week would alsoindemnify institutions for bounced checks; eliminate charges forcash deliveries form the Federal Reserve; lower the threshold foridentification for cashing or depositing government checks; andallow for so-called fresh start loans that would allow creditunions and banks to recalculate loan accruals after failures to payover a period of time. The House Financial Services Committee hasscheduled a hearing for next week where the credit union and banktrade organizations will make recommendations on how to help in theimmediate aftermath of the huge natural disaster in Louisiana,Mississippi and Alabama. Both CUNA and NAFCU were working Thursdayto compile suggestions for a hurricane relief bill.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
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The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
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The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
April 25 -
Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
April 25 -
Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
April 25 -
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.
April 25