MADISON, Wis. - (01/14/05) -- CUNA Mutual Group has apparentlyagreed with federal labor authorities to settle unfair laborpractice charges brought by its employees union, includingallegations it improperly supported an ongoing effort by whitecollar workers to form their own separate bargaining unit, sourcesclose to the matter told The Credit Union Journal. Under terms ofthe settlement, CUNA Mutual is expected to post an apology at theiroffices in public view conceding the charges by the Office andProfessional Employees Union, Local 39, alleging that the companyengaged in a number of anti-labor activities, including threateningemployees for speaking on behalf of the union, bypassing the unionto deal directly with employees on labor negotiations, and aidedthe ongoing efforts to separate white collar workers from the mainbargaining unit. A CUNA Mutual spokesperson said only that thecompany is engaged in settlement negotiations but a the reaching ofa final agreement is 'premature'.
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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.
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