MADISON, Wis. - (07/06/06) Members drained another $5.6billion from their credit union accounts in May, one of the worstmonths ever for credit union growth, CUNA reported Wednesday. Sincethe end of March $8.5 billion of savings have flowed out of creditunions, as slow to negative growth is causing increasing concernfor the movement. Through the first five months of 2006 savingshave grown a meager 1.7%, the slowest five months on record,according to the trade group. Lending has also slowed to afive-year low, with loans expanding by just 2.8% the start of theyear, down from 3.8% for the same period last year. Loans grew by1% in May but all of the most important loan categories showeddeclines, as rate uncertainty seemed to affect members. In May,both ARM and fixed-rate mortgages declined by 1.4%, new car loansby 0.8%, used car loans by 0.3%, and home equity lending by0.2%.
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For the better part of the past decade, the Federal Reserve Board in Washington has played a more active role in presidential searches by regional reserve banks. The shift seems to have made the system more diverse, but some argue at the expense of regional bank independence.
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Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
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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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