MADISON, Wis. - (06/03/05) -- Loan portfolios expanded by ahealthy 1.1% in April at the nation's credit unions, the strongestloan growth in eight months, according to CUNA. Mortgage lendingcontinued to lead the way, with other mortgages growing 1.8%; homeequity lending by 1.8%; and fixed-rate mortgages by 1.4%. Unsecuredpersonal loans, car loans and credit card loans also grew at ahealthy pace for the month, too. Shares expanded by a strong 0.9%,or $5.3 billion, in April, with credit unions adding $20 billion innew deposits through the first four months of the year. Creditunions continued to ratchet-up their certificate rates in responseto the Federal Reserve's hiking of short-term rates, with 44% ofcredit union raising the CD rates and 30% lifting their moneymarket account rates in April after the Fed's latest action,according to CUNA. But only small amounts are raising their rateson regular shares, with just 8% raising their regular sharerates.
-
The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
3h ago -
The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
3h ago -
At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
4h ago -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
5h ago -
The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
7h ago -
Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
7h ago