WASHINGTON - (02/27/06) Both federal and internationallaw enforcement agencies have shifted their focus in the broadeningdebit card fraud investigation to international locations wheretransactions have been posted on accounts held by U.S. credit unionand bank customers. U.S. credit unions have reported unauthorizedtransactions on member accounts coming from locations as disparateas Russia, Lithuania, South Korea, Spain and England over the lastfew months, with new locales continuing to surface, law enforcementsources said last week. And the growing incidents of potentialfraud grew again last week when Hawaii Centrall CU said itcancelled hundreds of Visa cards it believes may have beencompromised. Authorities are investigating whether similar breachesinvolving cards in northern California, New York, Washington, D.C,Virginia, South Carolina, Texas and Florida are connected. Creditunion executives contacted by law enforcement say they were toldthe breach may have occurred at two national retailers, but havebeen forbidden to disclose publicly which companies areinvolved.
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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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