WALL, N.J. – A member of First Financial FCU who won a new Honda Accord turned around and gave it to her parents to say thanks for all they have done for her. First Financial gave the car away as part of a sweepstakes open to new or existing members who opened a qualifying account. The purpose of the promotion was to ‘shift’ the members’ banking relationship to First Financial. The $180-million First Financial reported that in addition to having more than 1,000 ACH transactions switched over to the credit union, the promotion brought in $1.3 million in core deposits, $3.7 million in auto loans, and more than $2 million in home equity loans and lines. After receiving more than 10,500 entries, Deborah Stabile-Wisniewski’s name was drawn. A single mother of three, Stabile-Wisniewski told the credit union that she was giving the car to her father, whose car broke down the week prior. She went on to explain that 2006 was the year that she wanted to become financially healthy and that she purchased a new car in October 2006, never thinking that she could possibly win. She said that her parents have always been there for her – watching her children while she works nights at the hospital and have never asked for a dime.
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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 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.
April 18 -
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.
April 18