ALXANDRIA, Va. - (09/20/04) -- NCUA said it approved an applicationfrom Xerox FCU last month to serve almost half-million residents ofthe San Jose, Calif., area by adding several low-income communitiesof its field of membership. The $750 million El Segundo,Calif.-based multiple group credit union has been carefullyexpanding into what amounts to a community charter by addinglow-income communities in Rochester, N.Y., an in Illinois andTexas, and other markets where it has branch offices, over the pasttwo years. Several other multiple group credit unions receivedlarge low-income expansions last month, including Transtar FCU(formerly Transco FCU), Houston, to serve 160,000 in Houston;Greater Texas FCU, Austin, 215,000 people in the Austin area; andAir Academy FCU, Colorado Springs, Colo., to serve 160,000residents in certain areas of Colorado Springs.
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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.
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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.
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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.
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