MADISON, Wis. - (10/11/05) -- CUNA Mutual Group said Friday itexpects to report losses of as much as $15 million from hurricanesKatrina and Rita, after accounting for reinsurance to pay for someof the damages. CUNA Mutual staff and adjusters continued over theweekend to work to assess and respond to the needs of insuredcredit unions and their members in the affected areas in an effortto expedite payments. The credit union insurer said it expectslosses of about $23 million for Hurricane Katrina, which damaged257 locations at 116 credit unions. Damages for Hurricane Rita wereestimated at $4 million at 67 locations for 33 credit unions. Thedamages for the two storms were offset by $12 million inreinsurance, CUNA Mutual told The Credit Union Journal.
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By training a core payment card fraud-detection platform on more than 15 billion transactions, the card network is honing the accuracy of warnings sent to issuers about suspicious purchases.
1h ago -
Rep. Andy Barr, R-Ky., is introducing a bill to establish an Office of Supervisory Appeals at each of the banking regulators and that would give banks more power over the appeals process.
2h ago -
Capital Community Bank of Provo has purchased Security Home Mortgage, headquartered in nearby Orem.
May 6 -
The Minneapolis-based company has promoted Kedia to president, a role that CEO Andy Cecere and his predecessor both held before being named to the top job.
May 6 -
The Consumer Financial Protection Bureau's overdraft proposal would set fees at $14. With fee income under attack from many sides, bankers say they would have to further restrict credit.
May 6 -
In a surprise move, the Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and Federal Housing Finance Agency proposed a long-awaited rule to curb certain incentive-based pay arrangements for bank executives.
May 6