HOUSTON - (09/08/05) -- In one of the largest financialassistance initiatives ever for disaster victims, the FederalEmergency Management Agency began issuing stored value cards withas much as $2,000 on each one to New Orleans residents holed up inthe Astrodome. The cards could be used to buy food, transportation,gas and other essentials. FEMA planned to issue about 20,000 of theMasterCard-branded cards Wednesday and as many as 600,000 cardsworth as much as $1.2 billion to refugees and other victims of lastweek's massive storm who were forced to flee their homes, a FEMAofficial told The Credit Union Journal. Refugees will be screenedby FEMA and the Treasury Department to determine their eligibilityfor the cash-like assistance. The cards will bear the MasterCardname and read, "FEMA Assistance" across the front.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27 -
A panel at CBA Live explored the contract provisions banks need to consider before embarking on new banking-as-a-service relationships and what catches their eyes in consent orders from banking regulators.
March 27