CHATTANOOGA, Tenn. - (02/20/06) A local woman was sentenced to10 months behind bars for passing more than $70,000 in bogus checksat branches of AEDC FCU. Spring Langford, 28, was arunner for the man who produced the counterfeitchecks, police said. Her co-defendant, Andre Williams, who policedescribed as a career criminal, has yet to be sentenced.Authorities said Williams recruited Ms. Langford and others to cashthe counterfeit checks after he procured numerous checks purportingto be drawn on the checking account of Stewart Security Systems andNHC Homecare. The counterfeit checks were made payable to variousof those in the Williams ring and were cashed at various AEDC FCUbranches.
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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.
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