DENVER - (06/22/06) First Data announced Wednesdayit has renewed its multi-year agreement with $6 billion Golden 1 CUto provide STAR Network access and PIN-debit processing for itsmore than 280,000 U.S. Cardholders. Golden 1 was one of theoriginal founders of STAR, now a wholly owned subsidiary of FirstData. The two parties also signed a deal for Golden 1 to conductits check and money order processing through Integrated PaymentsSystems, another wholly owned First Data unit. The Golden 1invested $150,000 to help start up STAR Network in 1994 along with19 other investors and earned $30 million on its STAR stake whenthe electronic funds network was sold to Concord EFS in 2001dsubsequently sold STAR to First Data in 2005.
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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.
April 18 -
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.
April 18 -
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.
April 18