DENVER - (06/03/04) -- Standard & Poor's said Wednesdaythat losses of almost $6 million by SunCorp FCU on the sale ofasset-backed securities won't affect the corporate credit union'stop A-1+ rating on its commercial paper. SunCorp reported a hit ofalmost $5 million in the fourth quarter of 2003, and of $990,000 inthe first quarter of 2004, on ABSs that were downgraded belowinvestment grade, then sold at a loss. The losses pushed 2004 netincome down for SunCorp to just $12,000, from $4.8 million the yearbefore. Eric Kenealy, president of the corporate, emphasized thatdespite the losses, the corporate is still in strong financialcondition, and realized net income of $2.3 million through Aprilthis year. Kenealy said despite the fact the securities were TripleA rated, as required under NCUA's rules and regulations, the issuerand servicer were not of investment grade. "We've made changes toour policies, as a result of this," he told The Credit UnionJournal. "As a result of this event, we have improved the qualityof the issuers and servicers to investment grade orbetter."
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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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