FLINT, Mich. - (03/10/06) -- Members at Dort FCU can bank ontheir money for 2006, so to speak. The $350 million credit uniontoo the unusual step of guaranteeing their members a $1 milliondividend for the year in December. But there's a catch, thedividend will be based on how much interest a member pays anddividends he or she earns until then, requiring them to expandtheir relationship with the credit union to earn a bigger payout.The board decided to give the members a $1 million payday afterassessing the projected earnings and deposit growth for theyear.
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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.
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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.
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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.
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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.
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Rep. Frank Lucas, R-Okla., told American Banker that he sees a concrete path to chair the House Financial Services Committee that relies on his long experience in committee leadership and long political career.
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Banking Circle US is the first company to use Connecticut's uninsured bank charter for wholesale and merchant activities. This kind of charter makes sense for payments firms, but questions persist about overall viability.
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