ATLANTA - (06/08/06) Home improvements giant HomeDepot, which has applied for a bank-like industrial loan companycharter, entered the foreign remittances market this week, indirect competition with credit unions, banks and other moneytransfer services. Under the companys MiCash program,introduced first in the Washington, D.C., area, Home Depot willissue two cards, one for the worker in the U.S. and the other forhis or her family back home. Users will load money onto the card atATMs or participating Home Depot stores, all in the Washingtonarea, and recipients can use a variety of ATM networks to withdrawthe remittances in local currency. The cost of a remittance hasbeen set at $8. The remittance program is aimed at the thousands ofimmigrant laborers who hang out near Home Depots in hopes offinding construction or related work. Home Depot has agreed toacquire an ILC charter of EnerBank, which it plans to use toprovide financing for contractors and homeowners engaged inremodeling and other large-scale purchasers. The charter must stillbe approved by the FDIC. Expansion of Home Depot into financialservices comes as an application by Wal-Mart Stores to open an ILChas attracted vast opposition by lenders and community activistsacross the country.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
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The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
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The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
April 25 -
Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
April 25 -
Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
April 25 -
The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
April 25