ARLINGTON, Va. - (09/29/05) -- Bill Donovan, one of the leaders atNAFCU for almost three decades, is leaving the trade group to run afledgling credit union practice at well-known Washington law firmVenable LLP. As chief lobbyist and now senior vice president atNAFCU since 1979, Donovan has been one of the best-known figures incredit unions in Washington circles. He has long had a closerelationship with the Venable firm and hired them to representNAFCU in the landmark AT&T Family FCU case, as well as otherlitigation. Donovan will take with him NAFCU's chief of regulatoryaffairs, Gwen Baker, in attempt to build a credit union practice atthe firm. Venable hired well-known credit union attorney BruceJolly two years ago to set up the practice.
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The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.
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The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.
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After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.
April 17 -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
April 17 -
Rising deposit costs have plagued banks in general, and the Tennessee bank had to pay up to bolster liquidity after its failed merger with TD. But First Horizon retained customers in the first quarter while not paying them the special rates they got last year.
April 17 -
U.S. customers who have previously used Sweden-based Klarna's buy now/pay later financing — and paid off their loans in full — will be prequalified for interest-bearing loans through a new version of the Klarna Visa card rolling out later this year.
April 17