WASHINGTON - (06/01/06) -- The Federal Reserve, which has beenreducing its check processing, announced Wednesday it is closingdown three more of its check processing facilities. Since 2003 theFed has reduced the number of its check processing offices from 45to 18. The latest move means the Fed will discontinue checkprocessing in San Francisco, Kansas City and Helena, Mont.Processing operations in San Francisco will be moved to LosAngeles; in Kansas City to St. Louis; and in Helena to Denver. Themove will mean 280 people at those three facilities will lose theirjobs. Check volumes in the U.S. has declined from 50 billion in1995 to 37 billion in 2003.
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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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