New Mexico Educators FCU said it has launched a new 'Community Rewards' card that allows members to help determine how the credit union distributes gift-giving, while also rewarding the member. Members will earn a one-quarter of 1% cash reward for their signature-based purchases and at the end of a year, the credit union will match their reward by a quarter of 1% to the community and charitable cause they chose when they enrolled. Members are able to choose a community and a charitable category where the credit union may contribute the funds. Credit union officials estimate they will raise as much as $500,000 during the first year.
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Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
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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.
April 18 -
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.
April 18 -
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.
April 18 -
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.
April 18